18 Aug 2015
EUR/JPY drops to lows near 137.50
FXStreet (Mumbai) - The cross in the EUR/JPY extends its recent descent for the fourth straight session on Tuesday, as the prices faces double whammy from a weaker euro as well as a strengthening Japanese yen.
EUR/JPY rejected at 137.90
Currently, the EUR/JPY pair trades -0.19% lower at fresh weekly lows of 137.55, unable to regain 138 handle. The EUR/JPY cross accelerates losses largely as the Japanese currency garnered support from Japan’s PM Abe’s advisor Honda’s comments.
Moreover, broad based euro weakness ahead of German parliamentary elections on Greek 3rd bailout due tomorrow also continues to weigh on the cross.
Looking ahead, markets now shift their attention towards a set of US housing data amid a data-quiet EUR macro calendar.
EUR/JPY Technical Levels
To the upside, the next resistance is located at 137.90 (Today’s High) levels and above which it could extend gains 138.25 (Aug 16 High) levels. To the downside immediate support might be located at 137 below that at 136.75 (Aug 11 Low) levels.
EUR/JPY rejected at 137.90
Currently, the EUR/JPY pair trades -0.19% lower at fresh weekly lows of 137.55, unable to regain 138 handle. The EUR/JPY cross accelerates losses largely as the Japanese currency garnered support from Japan’s PM Abe’s advisor Honda’s comments.
Moreover, broad based euro weakness ahead of German parliamentary elections on Greek 3rd bailout due tomorrow also continues to weigh on the cross.
Looking ahead, markets now shift their attention towards a set of US housing data amid a data-quiet EUR macro calendar.
EUR/JPY Technical Levels
To the upside, the next resistance is located at 137.90 (Today’s High) levels and above which it could extend gains 138.25 (Aug 16 High) levels. To the downside immediate support might be located at 137 below that at 136.75 (Aug 11 Low) levels.