4 Dec 2015
EUR/JPY: 400-pip rally stalled near 200-DMA
FXStreet (Mumbai) - The 400-pip rally in the EUR/JPY seen on Thursday appears to have run out of steam at the 200-DMA located at 134.08 levels.
Hovers around 50% fib
The cross currently trades around 133.77 (50% of 126.095-141.055). The pair recovered from the low of 133.32, but the gains recovery remains capped around 133.80. The focus is now on the US NFP report due in a few minutes.
Irrespective of the data and the resulting moves in the FX markets, the cross appears poised to end the week higher, since it is trading at least 350 pips higher than its weekly open.
EUR/JPY Technical Levels
The immediate resistance is seen at 134.08 (200-DMA), above which the gains could be extended to 134.61 (100-DMA). On the other side, support is seen at 133.19 (50-DMA) and 132.23 (Sep 4 low).
Hovers around 50% fib
The cross currently trades around 133.77 (50% of 126.095-141.055). The pair recovered from the low of 133.32, but the gains recovery remains capped around 133.80. The focus is now on the US NFP report due in a few minutes.
Irrespective of the data and the resulting moves in the FX markets, the cross appears poised to end the week higher, since it is trading at least 350 pips higher than its weekly open.
EUR/JPY Technical Levels
The immediate resistance is seen at 134.08 (200-DMA), above which the gains could be extended to 134.61 (100-DMA). On the other side, support is seen at 133.19 (50-DMA) and 132.23 (Sep 4 low).