EUR/JPY – Bulls run into 50% Fibo retracement hurdle

Omkar Godbole FXStreet Contributor

Offered tone around JPY gathered pace in Asia, pushing the EUR/JPY cross higher to 115.60 (50% Fib retracement of 122.00-109.20) levels.

Supported by weekly 10-MA

Tuesday’s sell-off ran out of steam near weekly 10-MA level of 114.55, thus allowing JPY bears to retake control of the pair. Yen buyers were back yesterday after markets felt disappointed by the size of the Japanese stimulus as reported by Bloomberg.

However, USD/JPY pair rebounded off 104.19 (23.6% of Jan 29 high-June 24 low), thus helping the EUR/JPY cross move higher. The uptick in the EUR/JPY cross is also helping EUR/USD pair stay upbeat in Asian session today.

EUR/JPY Technical Levels

The cross was last seen hovering just below 115.60. A break above 115.60 (50% of 122.00-109.20) would expose 115.97 (5-DMA) and 116.48 (10-DMA). On the lower side, breach of support at 114.91 (daily low) could yield a re-test of 114.45 (yesterday’s low) and 114.00 levels.

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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