Thursday, November 12, 2015

EUR/JPY on its way to test 132.00?

FXStreet (Edinburgh) - The softer tone in the European currency is now putting EUR/JPY under further downside pressure, opening the door for a test of 132.00 the figure.

EUR/JPY looks to EUR for direction

The cross is extending its sideline pattern so far this week, against the backdrop of a fairly muted calendar in Japan and mounting speculations on the likeliness of further easing by the ECB at its December meeting.

Next on tap will be the Industrial Production figures in Euroland for the month of September, ahead of the statement by President M.Draghi before the European Parliament.

EUR/JPY significant levels

The cross is up 0.10% at 132.11 with the next resistance at 133.38 (61.8% Fibo of 136.44-131.49) followed by 134.41 (200-day ma) and then 135.31 (100-day sma). On the downside, a breach of 131.49 (low Nov.6) would expose 130.12 (low Jan.26) and finally 128.43 (161.8% Fibo extension of 136.44-131.49).
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