EUR/JPY snaps four-day losing streak

Omkar Godbole FXStreet Contributor

The offered tone around Yen gathered pace in Asia, pushing the EUR/JPY pair higher to 122.15 levels.

Supported by 23.6% fib

The cross rebounded from 121.64 (23.6% fib retracement of Nov 9 high - Dec 15 high). Moreover, the dips below the same found takers in the previous two days.

German wholesale price index due later today could move the EUR pairs this time, given the growing noise that the ECB may be forced to respond to a sharp rise in price pressures. Later in the day, US retail sales data could influence the broader market sentiment and demand for the Japanese Yen.

EUR/JPY Technical Levels

A break above 122.16 (5-DMA) would open the doors to 122.49 (10-DMA). A violation there would expose 122.94 (Jan 10 high). On the other hand, a breakdown of support at 121.64 (23.6% of Nov 9 high -Dec 15 high) could yield a sell-off to 121.19 (session low) and 121.00 (zero figure).

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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