26 Mar 2015
EUR/JPY drops but holds above 130.00
FXStreet (Córdoba) - EUR/JPY is falling on Thursday moving away from weekly highs. A stronger yen, amid risk aversion, pushed the pair to the downside. On European hours broke below 130.90 and fell to 130.16 reaching the lowest price since Monday afterwards rebounded but it was unable to rise back above 131.00.
It was trading around 130.50, 60 pips below yesterday’s closing price, having so far the worst day in a week. The euro failed to benefit from the rally of EUR/USD that climbed above 1.1000, as USD/JPY dropped sharply below 119.00.
Momentum still favors the yen in the market, but the EUR/JPY still holds a bullish perspective in the short term. The rally from 126.85 (Mar 13 low) was capped by the 131.50 area, that has become a key short term resistance. To the downside immediate support lies at 130.00 and below here at 129.50/55 and 129.10/20.
It was trading around 130.50, 60 pips below yesterday’s closing price, having so far the worst day in a week. The euro failed to benefit from the rally of EUR/USD that climbed above 1.1000, as USD/JPY dropped sharply below 119.00.
Momentum still favors the yen in the market, but the EUR/JPY still holds a bullish perspective in the short term. The rally from 126.85 (Mar 13 low) was capped by the 131.50 area, that has become a key short term resistance. To the downside immediate support lies at 130.00 and below here at 129.50/55 and 129.10/20.