EUR/JPY: offered hard on N.Korean risk
|Currently, EUR/JPY is trading at 132.21, down -1.28% on the day, having posted a daily high at 134.27 and low at 132.17.
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EUR/JPY dropped like a stone after the comments by North Korean foreign minister escalated the geopolitical tension. The yen vs the greenback plummeted towards the pre-Fed announcement low levels and an already weakening euro was making tracks beneath the 1.19 handle to 1.1852 lows on safe-haven demand the time of writing.
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The drums of war are starting to escalate from both camps between the US and N.Korea with N.Korea's Ho crossing the wires claiming that North Korea had the right to shoot down the strategic US bombers even if they were not in the North Korean airspace.
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EUR/JPY levels
Analysts at Commerzbank explained: "Provided that the uptrend at 131.14 contains the downside, the longer term up move will remain intact. Above 134.32/58 would target the 1979-2017 resistance line at 139.12. Intraday dips will find some support offered by the 131.90 end of August high. A move below the 55 day moving average is needed to alleviate upside pressure and retarget the 127.57 August low."
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