3 May 2016
EUR/JPY resumes downside, back to test 122 handle?
The EUR/JPY cross reverses almost entire relief rally seen yesterday and remains deep in the red mainly driven by broad yen strength, as we progress towards a data-quiet European session.
EUR/JPY inches closer towards 3-year lows
The EUR/JPY pair now drops -0.43% to 122.20, having posted fresh session lows at 122.12 last hour. The cross in the EUR/JPY met fresh supply after yen picked-up significant strength against the American dollar amid holiday-thinned markets.
At the moment, the cross attempts a tepid-bounce solely on the back of a better bid EUR/USD pair, which regained poise and hit fresh nine-month tops near 1.1550 levels.
Later today, in absence of significant economic releases, focus remains on the sentiment surrounding the global equities and oil markets for further moves on the pair.
EUR/JPY Levels to consider
The pair has an immediate resistance at 122.50 (psychological levels) and from there to 122.97/123 (Apr 29 High). On the flip side, support is seen at 121.80/77 round number/ May 2 low) below which it could extend losses to towards 121.63 (3-year low).
EUR/JPY inches closer towards 3-year lows
The EUR/JPY pair now drops -0.43% to 122.20, having posted fresh session lows at 122.12 last hour. The cross in the EUR/JPY met fresh supply after yen picked-up significant strength against the American dollar amid holiday-thinned markets.
At the moment, the cross attempts a tepid-bounce solely on the back of a better bid EUR/USD pair, which regained poise and hit fresh nine-month tops near 1.1550 levels.
Later today, in absence of significant economic releases, focus remains on the sentiment surrounding the global equities and oil markets for further moves on the pair.
EUR/JPY Levels to consider
The pair has an immediate resistance at 122.50 (psychological levels) and from there to 122.97/123 (Apr 29 High). On the flip side, support is seen at 121.80/77 round number/ May 2 low) below which it could extend losses to towards 121.63 (3-year low).