Forex: EUR/JPY sell-off pauses at 101.00
Forex pairs in this Article »
EUR/JPY
FXstreet.com (San Francisco) - Supported by mild risk aversion, the Japanese yen continued its advance against the European single currency on Thursday, enabling the EURJPY cross to close lower for a second straight day and 0.9% below yesterday's close.
Price managed to crack through multiple levels of support (101.60, June 21 high; 101.36, June 29 high) to fall to fresh 4-week lows and finding a base at the 101.00 figure. This level of support is not only a key psychological mark, but is also confluent with the 100-day EMA (today at 101.09), and a descending trend line drawn from the peak of Sep 17 to that of Oct 5.
Below there, technical support levels are noted at 101.60 (38.2%, 94.10/104.55 rally) and 100.10 (Oct 11 low). Bullish targets lie at 101.78 (Nov 7 low) and 102.10 (23.6%). So far in early Asia, EURJPY is exchanging quietly at 101.25.
Price managed to crack through multiple levels of support (101.60, June 21 high; 101.36, June 29 high) to fall to fresh 4-week lows and finding a base at the 101.00 figure. This level of support is not only a key psychological mark, but is also confluent with the 100-day EMA (today at 101.09), and a descending trend line drawn from the peak of Sep 17 to that of Oct 5.
Below there, technical support levels are noted at 101.60 (38.2%, 94.10/104.55 rally) and 100.10 (Oct 11 low). Bullish targets lie at 101.78 (Nov 7 low) and 102.10 (23.6%). So far in early Asia, EURJPY is exchanging quietly at 101.25.
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