EUR/JPY stuck around hourly 50-MA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 14, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The EUR/JPY ran into offers at 136.61 and currently trades around its hourly 50-MA located at 136.34 levels.

    Weak data hurts the EUR

    The bid tone on the EUR weakened somewhat after the Eurozone industrial production missed estimates to print at 0.9% y/y. Meanwhile, the losses in the European equities are also supporting the Japanese Yen, ensuring the pair stays below its 100-DMA at 136.47.

    The focus now shifts to the US advance retail sales report due later today. At the moment, the pair appears stuck between its hourly 50-MA and hourly 100-MA.

    EUR/JPY Technical Levels

    The immediate support is located at 136.17 (hourly 100-MA), under which the pair could extend the drop to 135.54 (hourly 200-MA). On the other side, resistance is seen at 136.34 (hourly 50-MA), followed by a 100-DMA hurdle at 136.47, above which the prices could re-test 137.00 levels.
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