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EUR/JPY: Upside capped by daily pivot

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 8, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The EUR/JPY wavers in a tight range after opening a tad higher at Tokyo on the back of higher demand for the yen following negative equities and above estimates Japan’s Q3 GDP figures.

    EUR/JPY: Bearish pressures intact

    Currently, the EUR/JPY pair drops -0.06% to 133.60, with 5-DMA at 133.88 on sight. The attempts a minor recovery above 133.50 levels and tries to take out stiff resistance at daily pivot seen at 133.64.

    However, the yen bulls remain in charge on the back of upbeat Japanese GDP data, which showed that the troubled economy avoided a technical recession in the Sept quarter. The economy recorded an expansion of 1.0% y/y in Q3, beating the first estimate of a 0.8% contraction.

    On the other side, the EUR/USD pair trades muted around 1.0830, having negligible impact on the cross. Meanwhile, markets track the sentiment on the Asian indices awaiting the Chinese trade data for further incentives.

    EUR/JPY Technical Levels


    To the upside, the next resistance lies at 133.88 (5-DMA), above which it could extend gains to 134.25 (100-DMA). To the downside, the cross finds immediate support at 133.17 (daily S1), below that 132.80 (50-DMA), could act as a major support.
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