EUR/JPY stuck between key MAs

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 30, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The EUR/JPY cross finds itself stuck between the hourly 100-MA and 50-MA at 132.98 and 132.66 amid broad based USD selling in early Europe.

    Yen gains as Kuroda disappoints

    The Bank of Japan governor Kuroda kept the policy instruments unchanged and attributed the delay in achieving the inflation target to oil prices. The Yen is being bought across the board as Kuroda’s stance signaled markets that the bank may not ease further so long as weak oil is responsible for low inflation.

    However, the downside in the EUR/JPY is being capped around hourly 50-MA on account of broad based USD selling; courtesy of which the EUR/USD pair rose to 1.10 handle.

    EUR/JPY Technical Levels

    The immediate support is seen at 132.66 (hourly 50-MA), under which the pair could drop to 132.20 (daily low). A break below the same would expose previous session’s low at 131.58. On the other side, resistance is seen at 132.98 (hourly 100-MA) and 133.15 (Sep 23 high), followed by a major hurdle at 134.00.
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