FxWirePro: EUR/JPY upside stalls at 61.8% Fib, major resistance at 126.40
Cautious tone persisting across markets as traders remain wary ahead of the FOMC meeting, which is likely to spur volatility. Yen gains amid cautious trades and risk aversion, keeps EUR/JPY subdued on the day. Data relea…
Cautious tone persisting across markets as traders remain wary ahead of the FOMC meeting, which is likely to spur volatility.
Yen gains amid cautious trades and risk aversion, keeps EUR/JPY subdued on the day.
Data released earlier showed Japan All Industry Activity Index in February at -1.2% m/m above forecasts at -1.3%.
EUR/JPY largely rangebound on the day, upside is seen capped at 61.8% Fib at 125.73.
The pair also finds strong trendline resistance at 126.40 levels, breaks above needed for further bullishness.
The Bank of Japan will decide on its monetary policy on Thursday and is likely expected to deliver decisive steps.
Pair is holding above 5-DMA (125.12) which is strong support on the downside. Breaks below could see next support at 125 (50% Fib of 128.221 to 121.711 fall).
Techs support upside in the pair, breaks above 126.40 will be signal for long.
