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EUR/JPY tests 50-DMA, clocks 10-day high

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 28, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    EUR/JPY pair made an attempt to cut through 50-DMA level of 126.84 levels, also marking a 10-day high at 126.89 levels.

    Trades above 23.6% Fibo

    The cross managed to take out 126.54 (23.6% of 141.06-122.06) earlier today, but is struggling to take out 50-DMA hurdle. The pair spent last week or so trading in the range of 125.00-126.40 levels.

    The break higher seen today is mainly due to JPY weakness on account of rise in treasury yields. Seasonality is also play as capital outflows out of Japan usually gains pace ahead of new fiscal year.

    EUR/JPY Technical Levels

    The pair is working hard to take out 50-DMA of 126.84 levels. Acceptance above the same could put sell side arguments to rest, opening doors for 127.29 (Mar 11 high). A break higher would expose 128.98 (100-DMA). On the other hand, failure to sustain above 126.54 (23.6% of 141.06-1223.06) could see prices have a relook at 126.00 and 125.38 (Mar 24 low) levels.
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