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EUR/JPY weaker, testing 135.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 16, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The now softer tone around the single currency is dragging EUR/JPY to test daily lows in the 135.00 neighbourhood.

    EUR/JPY capped by 135.80

    The pair has deflated from overnight tops in the 135.80 area following the increasing selling pressure surrounding EUR at the end of the week. Earlier in the European session, Governor Kuroda reiterated once again the rhetoric around the positive momentum of the domestic economic recovery and that the BoJ will keep its accommodative monetary policy until consumer prices could stabilize around the 2% inflation target.

    Back to Euroland, final core consumer prices during September have matched the preliminary readings, rising at an annual pace of 0.9%, although the euro practically ignored the releases.

    EUR/JPY significant levels

    The cross is now retreating 0.16% at 135.12 and a breach of 134.47 (200d-sma) would aim for 134.28 (uptrend from August low) and finally 133.19 (low Sep.22). On the other hand, the immediate up barrier lines up at 135.98 (100-day sma) followed by 136.78 (downtrend from September top) and then 137.44 (monthly high Sep.17).
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