EUR/JPY rejected from above 122.00, eyes July lows


  • Euro ends 6-day streak against the Yen with a dramatic decline.
  • EUR/JPY heads for the lowest close since June 20. 

The EUR/JPY pair is falling sharply on Friday after rising constantly during the previous six trading days. Earlier today rose to 122.20 but failed to hold on top of 122.00 and started to decline. 

In a few hours, the Euro erased days of gains, falling back below the 20-day moving average and also broke the key short-term support at 121.60. It bottomed at 121.50, also Monday’s low. The area around 121.50 has become the key short term support and a break lower would point to further losses. On the upside, 121.75 is again a resistance. If the euro rises on top it could remove the bearish pressure. 

The decline took place amid a weaker Euro across the board affected by comments from ECB officials on further easing from the central bank. At the same time, the Yen is among the top performers, even despite higher equity prices and US yields. The USD/JPY held into negative territory even after higher-than-expected PPI data from the US. 

On a weekly basis, EUR/JPY is about to post the lowest close since mid-May, marginally below the level it had a week ago after the recovery failed. The pair still remains in a wide consolidation range, now with risks tilted to the downside in the short-term, in line with the main bearish trend seen in the weekly chart

EUR/JPY

Overview
Today last price 121.57
Today Daily Change -0.54
Today Daily Change % -0.44
Today daily open 122.11
 
Trends
Daily SMA20 121.91
Daily SMA50 122.35
Daily SMA100 123.94
Daily SMA200 125.5
Levels
Previous Daily High 122.16
Previous Daily Low 121.61
Previous Weekly High 123.36
Previous Weekly Low 121.3
Previous Monthly High 123.18
Previous Monthly Low 120.78
Daily Fibonacci 38.2% 121.95
Daily Fibonacci 61.8% 121.82
Daily Pivot Point S1 121.76
Daily Pivot Point S2 121.42
Daily Pivot Point S3 121.22
Daily Pivot Point R1 122.31
Daily Pivot Point R2 122.51
Daily Pivot Point R3 122.85

 

 

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.

Feed news

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD falls amid Sino-American tensions ahead of Non-Farm Payrolls

EUR/USD is trading around 1.1850, down amid a risk-off mood stemming from President Trump's move against China's TikTok and WeChat. Tension is mounting ahead of the highly uncertain Non-Farm Payrolls.

EUR/USD News

Gold consolidates near record highs, flat-lined around $2060 area ahead of NFP

Concerns about escalating US-China tensions pushed gold to fresh record highs on Friday. A goodish pickup in the USD prompted some profit-taking amid overbought conditions. 

Gold News

GBP/USD retreats amid doubts about the furlough scheme, dollar strength

GBP/USD is struggling around 1.31 as UK Chancellor Rishi Sunak said the furlough scheme that is underpinning the economy cannot last forever. The dollar is gaining ground amid geopolitical tensions ahead of the Non-Farm Payrolls.

GBP/USD News

Forex Today: Dollar ticks up after Trump's TikTok move, all eyes on Non-Farm Payrolls

Trump's executive order against TikTok and WeChat has dampened the market mood and strengthened the dollar. Fiscal stimulus have made limited progress and investors are now focused on July NFP, which carries high uncertainty amid the resurgence of coronavirus. 

Read more

WTI drops 1% to $41.50 ahead of US NFP, rigs data

WTI (futures on Nymex) is on a steady decline so far this Friday, undermined by reduced demand for higher-yielding assets amid the renewed US-China tensions induced risk-aversion.

Oil News

Forex MAJORS

Cryptocurrencies

Signatures