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EUR/JPY finds support at 200-MA

FXStreet (Mumbai) - The EUR/JPY sought support of its 200-DMA located at 134.79, although the pair continues to hover around the same; a sign that EUR bulls are anemic at the moment.

Stays below hourly 50-MA

AT the moment, even a 30-pip recovery from the 200-DMA to above hourly 50-MA at 135.05 levels is looking difficult. The prevailing risk on in the equities is keeping the single currency under pressure. However, the sell-off in the EUR/GBP cross appears to be the main driving force behind the weakness in the EUR.

Moreover, the bearish pressure also comes from speculation that the ECB accounts (minutes) due later today are likely to emphasize bank’s readiness to do more (QE) is required.

EUR/JPY Technical Levels

At 134.85, the immediate resistance is seen at 135.71 (Oct 5 high), followed by a major hurdle at 135.84 (50-DMA) and 136.37 (100-DMA). On the downside, a break below the 200-DMA at 134.79 would open doors for a drop to 134.63 (hourly 200-MA) and 134.00 levels.

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