EUR/JPY struggles to extend gains above 133.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 9, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The EUR/JPY pair rose above 133.00, but is struggling to extend gains despite the upbeat Eurozone Sentix investor confidence figure.

    Trades at four-day high

    The cross is trading at a four day high with gains being capped above 133.00. The European equities edged lower today, but neither the EUR and nor the JPY appears to have been benefitted by the losses in the equities.

    Moreover, the uptick in the USD/JPY pair due to increased prospects of a Fed rate hike pushed up the EUR/JPY cross. Meanwhile, the EUR/USD pair also witnessed correction after Friday’s loss and that also helped the EUR/JPY rally almost 100-pips from the daily lows.

    EUR/JPY Technical Levels

    At 133.00, the pair could face immediate resistance at 133.16 (daily high), followed by a hurdle at 133.39 (Oct 30 high). A break above the same would expose 133.63 (38.2% of 136.96-131.58). On the other side, support could be offered by 132.85 (23.6% of 136.96-131.58) and 132.49 (5-DMA).
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