EUR/JPY recovers from 38.2% Fibo support

Omkar Godbole FXStreet Contributor

Offered tone around EUR/JPY cross ran out of steam around 114.09 (38.2% of Brexit day high-low), thus opening doors for an ongoing correction. The cross was last seen trading at 114.30 levels.

Strong support of 50-DMA

For three out of last four trading sessions, the currency pair was met by fresh bids around 50-DMA level. Intraday lows below 50-DMA on Thursday was quickly undone as well.

The recovery from the lows is mainly driven by Dollar-Yen pair which trimmed losses to trade around 104.20. Meanwhie, Euro-Dolla pair remains dead flat 1.0965 levels. Kuroda’s comments today received a likewarm response form the markets.

EUR/JPY Technical Levels

A break above the session high of 114.48 would open doors for 115.00 (zero figure + 10-DMA), above which the cross could target 115.60 (50% of Brexit day high-low). On the lower side, breach of 114.09 (38.2% of Brexit day high-low) would expose 112.79 (Aug 24 low) followed by 112.22 (23.6% of Brexit day high-low).

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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