EUR/JPY Off-Lows, but Remains Below 123 Handle

EUR/JPY Off-Lows, but Remains Below 123 Handle

27 May 2016, 08:53
Roberto Jacobs
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EUR/JPY Off-Lows, but Remains Below 123 Handle

The EUR/JPY cross is seen trading quite choppy so far this session, swinging between gains and losses amid a lack of fresh fundamental drivers until the NA session.

EUR/JPY fails to sustain above 123 handle

The EUR/JPY pair trades modestly flat at 122.82, recovering slightly from fresh session lows struck at 122.73 last minutes. The trading activity around the EUR/JPY cross remains subdued mainly on the back of lack lustre price-action seen in the EUR/USD pair, as the EUR calendar remains absolutely eventless this Friday.

While the recent bout of selling interest seen in the cross over the last hour, can be attributed to renewed USD/JPY weakness, after the major hit the 110 strong resistance. Looking ahead, attention now shifts towards the American session, with a set of US economic news and Fed Yellen’s speech up on the cards.

EUR/JPY Levels to consider  

The pair has an immediate resistance at 123/123.10 (round number/ 10-DMA) and from there to 123.94 (50-DMA). On the flip side, support is seen at 122.35/27 (Daily S1/ May 26 low) below which it could extend losses to towards 121.88 (May 9 Low).


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