FxWirePro: EUR/JPY edges lower on broad yen strength, remains supported above 122 handle
EUR/JPY edges lower on the day reversing part of the relief rally seen yesterday. Pair remains supported above the 122 handle, and is currently trading around 122.30 levels after hitting session lows at 122.12. Better bi…
EUR/JPY edges lower on the day reversing part of the relief rally seen yesterday.
Pair remains supported above the 122 handle, and is currently trading around 122.30 levels after hitting session lows at 122.12.
Better bid EUR/USD pair extending support to EUR/JPY, bias remains lower.
Focus remains on euro zone PPI data and sentiment surrounding the global equities and oil markets in absence of significant economic releases.
The pair has resistance at 122.91 (May 2nd highs), 123 (psychological levels) and 123.12 (5-DMA).
On the flip side, support is seen at 122.05 (Mar 1st lows), 121.71 (April 18th lows) below which it could extend losses to towards 121.63 (3-year low).
Technicals on daily charts support downside in the pair. The pair is holding strong trendline support at 121.70 and weakness only on breaks below.
