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EUR/JPY under bear attack, nears 123.00 handle

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 9, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The common currency is being offered across the board as investors consider the possibility of a big ECB action tomorrow. Consequently, the EUR/JPY cross has dipped to near 123.00 levels.

    Prints 5-day low

    The cross hit a five-day low of 123.08 levels. The EUR came under a bear attack as investors believe the ECB is under pressure to delivery tomorrow and cannot risk underperforming the way it did in December.

    Meanwhile, the bearish tone around the pair is also due to rising demand for Yen amid reports the BOJ is unlikely to move rates or expand its QE program next week.

    EUR/JPY Technical Levels

    The cross currently trades around 123.20; down 0.65% on the day. The immediate support is seen at 123.00 (psychological figure), under which the cross could target 122.45 (Feb 29 low). On the other side, a break above 124.05 (10-DMA) would open doors for a re-test of 124.47 (23.6% of 132.29-122.06).
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