OctaFX | OctaFX Forex Broker
Open trading account

EUR/JPY stuck around hourly 50-MA

FXStreet (Mumbai) - The EUR/JPY ran into offers at 136.61 and currently trades around its hourly 50-MA located at 136.34 levels.

Weak data hurts the EUR

The bid tone on the EUR weakened somewhat after the Eurozone industrial production missed estimates to print at 0.9% y/y. Meanwhile, the losses in the European equities are also supporting the Japanese Yen, ensuring the pair stays below its 100-DMA at 136.47.

The focus now shifts to the US advance retail sales report due later today. At the moment, the pair appears stuck between its hourly 50-MA and hourly 100-MA.

EUR/JPY Technical Levels

The immediate support is located at 136.17 (hourly 100-MA), under which the pair could extend the drop to 135.54 (hourly 200-MA). On the other side, resistance is seen at 136.34 (hourly 50-MA), followed by a 100-DMA hurdle at 136.47, above which the prices could re-test 137.00 levels.

Euro showing remarkable resilience – Rabobank

Elwin de Groot, Senior Eurozone Strategist at Rabobank, notes that the Eurodollar briefly pushed through the 1.14 level, which is at the upper end of its trading range since May, when volatility in financial markets took off.
Read more Previous

USD/CAD remains constructive medium term – Westpac

Strategists at Westpac still see a constructive outlook in USD/CAD in the medium term...
Read more Next
Start livechat