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EUR/JPY at lowest in eight days

FXStreet (Mumbai) - The offered tone around EUR strengthened in the late Asian session on Tuesday, pushing the EUR/JPY pair to a session low of 134.60 levels.

Signs of risk aversion on FX

The European majors – EUR and GBP – weakened against the USD, while the safe haven Japanese Yen trades with marginal gains. The classic risk aversion moves in the FX pushed the EUR/JPY cross to a low of 134.60 levels.

The EUR is being ditched ahead of the ECB President Draghi’s speech scheduled tomorrow, where in he is expected to hint at an increase in size/duration of the ECB’s QE program. Ahead in the day, the focus would be on Fed’s Lockhart speech and sentiment across major equity markets.

EUR/JPY Technical Levels

The immediate support is seen at 134.33 (July 20 low), under which the pair could extend the drop to 134.00 levels. On the other side, resistance is seen at 135.00 and 135.43 (200-DMA).

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