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EUR/JPY unchanged below 128.00, Kuroda eyed

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 12, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - EUR/JPY is trading almost unchanged on Tuesday, currently extending its consolidative pattern around 127.70/80.

    EUR/JPY attention to BoJ

    The cross seems to be carving a base after last week’s tops in the 129.00 neighbourhood, all framed within the sharp retracement seen during December from the 134.60 area.

    The current risk-off context keeps lending support to both EUR and JPY, allowing the cross to sideline at current levels.

    Data wise in Japan, the Current Account has come in below expectations at ¥1.143 trillion for the month of November, while Eco Watchers Survey: Current climbed to 48.7 during December. Next on tap will be Govrnor H.Kuroda’s speech.

    EUR/JPY significant levels

    As of writing the cross is losing 0.06% at 127.70 facing the immediate support at 126.73 (low Jan.7) followed by 126.05 (low Apr.14) and finally 124.96 (low Jun.13 2013). On the flip side, a surpass of 129.03 (high Jan.8) would expose 129.75 (38.2% Fibo of 134.62-126.73) and then 131.51 (55-day sma).
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