Forex: EUR/JPY capped below 118.00

FXstreet.com (Barcelona) - EURJPY is currently trading at 118.00 round, about unchanged from previous Asia-Pacific open yesterday, recovering from a 3-day low at 117.04 in early London trade, and off day highs at 118.29. The cross has slowed down a bit its daily volatility range, that had jumped to 17-month highs, last around 200 pips per day on its 14 day average.

"EURJPY looks very similar to USDJPY, bullish consolidation but with scope for a deeper retracement perhaps towards 113.50," says FXWW founder Sean Lee, while Apple shares are being smacked in NY after hours trading following the release of latest results, now down more than -9.5%, making SP500 futures reversing to the downside having printed an intraday double high, last around day lows, along with oil and gold also in session lows.

Immediate resistance to the upside for EURJPY shows at mentioned daily highs 118.29, followed by Monday's lows at 118.89, and Tuesday's weekly highs post-BoJ at 120.15. To the downside, closest support lies at NY session/Jan 15 lows 117.50, followed by yesterday's/Jan 17 lows at 117.04, and Jan 16 lows at 116.40.