EUR/JPY waiting for a catalyst near 133.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 3, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Edinburgh) - EUR/JPY is extending its sideline pattern around 133.00 the figure during the first part of the week against a backdrop of low volatility in the broader markets.

    EUR/JPY attention to Draghi

    After bottoming out in the mid-131.00s last week, the cross has staged quite a strong rebound, although the bullish attempt seems to still struggle to overcome the low-133.00s.

    In the meantime, the monetary stance by both the BoJ and the ECB remain the exclusive factors behind the price action, at least in the near to medium term.

    Absent activity in the Japanese markets due to the Culture Day, the main highlight today will be the speech by President M.Draghi, expected in the European evening.

    EUR/JPY significant levels

    The cross is losing 0.03% at 133.01 with the next support at 132.72 (76.4% Fibo of 136.44-131.58) ahead of 132.18 (monthly low Sep.8) and finally 131.58 (low Oct.29). On the other hand, a surpass of 133.43 (61.8% Fibo of 136.44-131.58) would expose 134.49 (200-day ma) and then 134.92 (55-day sma).
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