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EUR/JPY upside capped by 129.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 8, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The Japanese currency is surrendering part of the recent strong gains, allowing EUR/JPY to briefly test the 129.00 handle in early trade.

    EUR/JPY stronger on risk trends

    A better tone from the risk appetite trends following a positive performance of the Chinese equity markets and a somewhat steady yuan fix have prompted the safe have JPY to shed some ground in favour of the single currency today.

    However, the upside momentum seems to have lost some vigour in the 129.00 neighbourhood, sparking the current consolidative scheme around 128.80 ahead of key releases in the FX markets.

    EUR/JPY relevant levels

    As of writing the cross is up 0.14% at 128.74 with the next hurdle at 131.80 (55-day sma) would expose 133.09 (downtrend from 139.09) and finally 134.30 (200-day sma). On the flip side, a breakdown of 1126.73 (low Jan.7) would open the door to 126.05 (2015 low Apr.14) and then 124.96 (low Jun.13 2013).
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