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EUR/JPY treading water above 132.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 11, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The shared currency is posting marginal gains vs. its Japanese peer on Wednesday, with EUR/JPY meandering just above the 132.00 handle for the time being.

    EUR/JPY focus on Draghi, data

    The cross is looking to consolidate around the 132.00 mark following October’s drop from peaks near 137.00 the figure, against a backdrop of renewed selling pressure surrounding EUR as the likeliness of additional easing measures by the ECB is looming larger.

    Next of relevance in the cross will be today’s speech by President M.Draghi, while Japanese Machinery Orders and Foreign Bond Investment figures are due in the Asian economy early tomorrow.

    EUR/JPY significant levels

    The cross is up 0.03% at 132.03 with the next resistance at 133.38 (61.8% Fibo of 136.44-131.49) followed by 134.44 (200-day ma) and then 135.37 (100-day sma). On the downside, a breach of 131.49 (low Nov.6) would expose 130.12 (low Jan.26) and finally 128.43 (161.8% Fibo extension of 136.44-131.49).
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