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EUR/JPY tests 131.80 on Kuroda

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 19, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Edinburgh) - After climbing as high as the 132.30 area, EUR/JPY has now sparked a correction lower to the 131.80 region following Kuroda’s presser.

    EUR/JPY off highs, back below 132.00

    The dovish tone from the FOMC minutes on Wednesday have given fresh oxygen to the single currency, pushing the cross back above 132.00 the figure overnight, although the bull run lost some impetus and retreated to the current 131.85/80 band.

    BoJ’s H.Kuroda has reiterated the domestic economy is improving at a moderate pace, leaving intact its current virtuous cycle. He also added that consumer prices are rising faster since April, on a daily and weekly basis.

    EUR/JPY significant levels

    The cross is advancing 0.18% at 131.83 with the next hurdle at 133.04 (38.2% Fibo of 137.01-130.59) followed by 134.20 (55-day sma) and finally 134.34 (200-day sma). On the other hand, a break below 130.59 (low Nov.16) would expose 130.12 (low Jan.26) and finally 130.00 (psychological level).
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