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16 Mar 2015
EUR/JPY capped by 5-DMA
FXStreet (Mumbai) - EUR/JPY advanced gradually in the mid-Asian session, moving away from fresh 21 month lows reached in the previous session at 126.85, largely on a mild rebound seen in the shred currency.
EUR/JPY remains below 128 handle
Currently, the EUR/JPY cross traded higher by 0.16% at 127.59 levels, having previously posted session lows at 127.11. The cross in EUR/JPY remains underpinned mainly driven by the strength in the euro versus the greenback, rebounding from fresh twelve year lows below 1.05 levels registered in the previous session. On the other hand, no major moves are witnessed in the yen as the Japanese currency trades cautious against the US dollar ahead of Bank of Japan’s (BOJ) monetary policy statement due tomorrow.
Meanwhile, a generalized intraday upside bias may persist so long as the cross holds above the 127 barrier support zone. At the moment, USD/JPY trades flat at 121.31 and EUR/USD trades higher by 0.20% at 1.0517 levels.
EUR/JPY Levels to consider
To the upside, the next resistance is located at 127.86 (5-DMA) and above which it could extend gains to at 128.50 levels. To the downside immediate support might be located at 127.11 (Today’s Low) levels below that at 126.85 (March 13 Low) levels.
EUR/JPY remains below 128 handle
Currently, the EUR/JPY cross traded higher by 0.16% at 127.59 levels, having previously posted session lows at 127.11. The cross in EUR/JPY remains underpinned mainly driven by the strength in the euro versus the greenback, rebounding from fresh twelve year lows below 1.05 levels registered in the previous session. On the other hand, no major moves are witnessed in the yen as the Japanese currency trades cautious against the US dollar ahead of Bank of Japan’s (BOJ) monetary policy statement due tomorrow.
Meanwhile, a generalized intraday upside bias may persist so long as the cross holds above the 127 barrier support zone. At the moment, USD/JPY trades flat at 121.31 and EUR/USD trades higher by 0.20% at 1.0517 levels.
EUR/JPY Levels to consider
To the upside, the next resistance is located at 127.86 (5-DMA) and above which it could extend gains to at 128.50 levels. To the downside immediate support might be located at 127.11 (Today’s Low) levels below that at 126.85 (March 13 Low) levels.