EUR/JPY struggles to extend two-day winning streak
|EUR/JPY is having a tough time in the Asian session to extend the two-day winning streak on account of the caution ahead of Trump inauguration.
Stuck at weekly 5-MA
The cross failed for the second time in 24 hours to hold above the weekly 5-MA level of 122.61.
There is an uneasy feeling in the markets now that the markets have already priced-in the good things that could happen under Trump Presidency. However, the risks associated with the Trump Presidency are yet to be priced-in.
Consequently, the safe haven assets- Yen, Gold and Treasuries are in demand in Asia.
EUR/JPY Technical Levels
The cross was last seen trading around 122.50 levels. Acceptance above 122.61 (weekly 5-MA) would open doors for a potential break above 123.00 (zero figure) and rally towards 123.72 (previous week’s high). On the other hand, a breakdown of support at 122.29 (4-hour 200-MA) could yield a sell-off to 121.75 (4-hour 50-MA) and 121.59 (Dec 29 low).
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.