EUR/JPY: offered hard on N.Korean risk

Ross J Burland FXStreet

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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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."

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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