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EUR/JPY stuck between 100-DMA and hourly 200-MA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 21, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The EUR/JPY pair jumped off its hourly 200-MA earlier today, but the momentum stalled at the 100-DMA located at 136.39 levels.

    Gains capped ahead of ECB

    The bid tone on the shared currency weakened somewhat on account of the uptick in the stocks and expectations that the ECB would hint at more monetary easing in the near future. Consequently, the EUR/JPY cross failed to take out the 100-DMA resistance.

    The trading activity could stay dull as investors remain cautious ahead of the ECB event. The cross now trades around 136.25 levels.

    EUR/JPY Technical Levels

    The immediate resistance is seen at 136.39 (100-DMA), above which gains could be extended to 136.74 (Oct 15 high). A break above the same would expose 137.00 handle. On the lower side, hourly 200-MA at 136.00 could serve as a strong support, which if taken out could lead to a drop to 135.79 (hourly 50-MA).
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