2 Mar 2016
EUR/JPY drops back below hourly 200-SMA
The EUR/JPY cross keeps the offered tone intact as we head towards early Europe, having failed to resist above 124 handle.
EUR/JPY breaches 5-DMA support at 123.79
The EUR/JPY pair trades -0.18% lower at 123.68, hovering within a striking distance of fresh session lows struck at 123.61 few minutes ago. The cross remains under pressure as it face double whammy from the weakness seen in the EUR/USD on one hand, while the gains in the yen versus the US dollar on the back of a minor-correction, weighs on the other hand.
Markets have largely ignored the prevalent risk-on sentiment and now await fresh fundamental triggers in the day ahead for further momentum on the prices. The US ADP employment data remains the main highlight today.
EUR/JPY Levels to consider
The pair has an immediate resistance at 124 (round number/ 1h 200-SMA), above which 124.66/70 (Feb 29 High/ daily R1) would be tested. On the flip side, support is seen at 123.15/123 (1h 50-SMA/ psychological levels) below which it could extend losses to towards 122.41/40 (Feb 24 & 29 Low).
EUR/JPY breaches 5-DMA support at 123.79
The EUR/JPY pair trades -0.18% lower at 123.68, hovering within a striking distance of fresh session lows struck at 123.61 few minutes ago. The cross remains under pressure as it face double whammy from the weakness seen in the EUR/USD on one hand, while the gains in the yen versus the US dollar on the back of a minor-correction, weighs on the other hand.
Markets have largely ignored the prevalent risk-on sentiment and now await fresh fundamental triggers in the day ahead for further momentum on the prices. The US ADP employment data remains the main highlight today.
EUR/JPY Levels to consider
The pair has an immediate resistance at 124 (round number/ 1h 200-SMA), above which 124.66/70 (Feb 29 High/ daily R1) would be tested. On the flip side, support is seen at 123.15/123 (1h 50-SMA/ psychological levels) below which it could extend losses to towards 122.41/40 (Feb 24 & 29 Low).