EUR/JPY testing lows around 127.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 31, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The overnight decline in EUR/JPY seems to have met buyers in the 127.00 neighbourhood, pushing the cross back to 127.10/55.

    EUR/JPY attention to EMU data

    The cross is snapping a 5-day positive streak so far following the recent appreciation in the European currency, although today’s better tone in JPY has prompted a knee jerk from overnight tops near 127.60.

    Next of relevance for the cross will be EMU’s flash Core CPI for the current month, expected to tick higher to 0.9% YoY. In Japan, Governor H.Kuroda was on the wires earlier saying there are no limits to monetary policy, while he also noted that risk of deflation still persist.

    EUR/JPY relevant levels

    At the moment the cross is retreating 0.31% at 127.08 facing the next support at 126.07 (20-day sma) followed by 124.41 (23.6% Fibo of 132.30-121.98) and then 123.00 (low Mar.9). On the flip side, a break above 127.45 (high Mar.29) would expose 128.35 (61.8% Fibo of 132.30-121.98) and finally 128.86 (100-day sma).
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