EUR/JPY – Bulls run into 50% Fibo retracement hurdle
|Offered tone around JPY gathered pace in Asia, pushing the EUR/JPY cross higher to 115.60 (50% Fib retracement of 122.00-109.20) levels.
Supported by weekly 10-MA
Tuesday’s sell-off ran out of steam near weekly 10-MA level of 114.55, thus allowing JPY bears to retake control of the pair. Yen buyers were back yesterday after markets felt disappointed by the size of the Japanese stimulus as reported by Bloomberg.
However, USD/JPY pair rebounded off 104.19 (23.6% of Jan 29 high-June 24 low), thus helping the EUR/JPY cross move higher. The uptick in the EUR/JPY cross is also helping EUR/USD pair stay upbeat in Asian session today.
EUR/JPY Technical Levels
The cross was last seen hovering just below 115.60. A break above 115.60 (50% of 122.00-109.20) would expose 115.97 (5-DMA) and 116.48 (10-DMA). On the lower side, breach of support at 114.91 (daily low) could yield a re-test of 114.45 (yesterday’s low) and 114.00 levels.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.