3 Feb 2015
EUR/JPY downside exposed amidst market tensions
FXStreet (Guatemala) - EUR/JPY is trading at 133.18 with a high of 133.46 in Asia and a low of 133.16.
EUR/JPY is losing grip with a stronger Yen into the Tokyo open. The cross has dropped 25 pips and remains under pressure below the 133.65 initial major resistance level. The late European market was the first catalyst from 133.60's, taking the pair below the 133 handle to the overnight lows from where a rebound of over 60 pips came before the downside started to resume again.
The markets are jittery with plenty of caution in the air, and up later we get the long awaited RBA decision where markets are sitting on the fence and anxious ahead of the release. To the downside, should the market really start to give way, it could expose the 128.52/34 which comes as the 200 month moving average.
EUR/JPY is losing grip with a stronger Yen into the Tokyo open. The cross has dropped 25 pips and remains under pressure below the 133.65 initial major resistance level. The late European market was the first catalyst from 133.60's, taking the pair below the 133 handle to the overnight lows from where a rebound of over 60 pips came before the downside started to resume again.
The markets are jittery with plenty of caution in the air, and up later we get the long awaited RBA decision where markets are sitting on the fence and anxious ahead of the release. To the downside, should the market really start to give way, it could expose the 128.52/34 which comes as the 200 month moving average.