EUR/JPY Bounces-off 4-Week Lows, Retests 123.50
The cross in EUR/JPY halted its massive downslide and is seen recouping a
small portion of the decline heading into the mid-European trades.
EUR/JPY finds support ahead of March 9 lows at 123.00
The
EUR/JPY pair slumps -1.33% to 123.47, reversing a brief dip to fresh
four-week lows struck at 123.12 in the last hour. The EUR/JPY cross
attempts a tepid recovery mainly driven by the recovery in USD/JPY, as
the JPY bears take a breather and consolidate the upside before the next
leg higher.
Further, the EUR/USD pair also remains under
pressure below 1.1400 levels, contributing to the downbeat sentiment
surrounding EUR/JPY. Overall, the unstoppable rise seen in the yen over
this week has resulted in steep losses in the yen crosses.
EUR/JPY Levels to consider
The
pair has an immediate resistance at 124/124.13 (round number/ 10-DMA)
and from there to 124.62/68 (20-DMA/ daily R2). On the flip side,
support is seen at 123 (Mar 9 March low) below which it could extend
losses to towards 122.40 (Feb 24 & 29 Low)
(Market News Provided by FXstreet)
