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EUR/JPY continues downward journey

FXStreet (Mumbai) - The EUR/JPY pair hit another session low of 133.20 as the EUR/USD continues to surrender its gains, while the Yen remains on a positive footing in anticipation of a no show from the BOJ.

Third straight session of losses

The cross is down for the third consecutive session. The bearish pressure was triggered on Thursday due to fresh prospects of more easing from the ECB in December. Meanwhile, Japan’s advisor played down the need to do more QE.

Markets now fear the BOJ may actually hold policy unchanged on Friday. Furthermore, the losses in the European equities also kept the Yen in demand. Ahead in the day, the focus is likely to be on the action on the Wall Street.

EUR/JPY Technical Levels

The immediate support is seen at 113.16 (Sep 23 low), under which the pair could drop to 132.23 (Sep 4 low). On the higher side, resistance is seen at 133.44 (Sep 1 low) and 133.78 (hourly 50-MA).

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