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EUR/JPY wavers around hourly 100-SMA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 10, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The EUR/JPY cross extends its choppy trend into the European morning and remains capped below 134 handle in recent dealings amid broad based US dollar comeback.

    EUR/JPY fails once again near 100-DMA

    Currently, the EUR/JPY pair trades modestly flat at 133.84, oscillating in a 30-pips narrow range since mid-Asia. The bulls try hard to regain lost ground, although remains in the red, as the losses in the EUR/USD pair outweigh the weakness seen in the yen against the US dollar.

    The European currency corrects lower across the board after rallying to the highest levels since Oct versus its American counterpart while the rebound in the greenback across the board aids the recovery in USD/JPY.

    Meanwhile, the cross will continue to waver between gains and losses amid lack of fresh triggers as the EUR macro calendar remains absolutely quiet today.

    EUR/JPY Technical Levels

    To the upside, the next resistance lies at 134.17 (100-DMA), above which it could extend gains to 134.53 (Dec 3 High). To the downside, the cross finds immediate support at 133.47 (Dec 9 Low), below that 132.91 (10-DMA), could act as a major support.
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