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Forex: EUR/JPY drops 100 pips and hits 10-day low

FXstreet.com (Córdoba) - The EUR/JPY slumped and lost over 100 pips in a matter of minutes, as the yen strengthened across the board in an upturn of risk aversion.

With no clear catalyst, yen crosses saw a quick sharp fall during the American afternoon, with EUR/JPY breaking below 127.00 and stretching to a low of 126.52. At time of writing, the cross is trading around 126.70, recording a 1.6%, or 200-pip, loss on the day.

On the downside, immediate supports could be found at 126.50 and 126.00 (psychological level), while resistances are seen at 127.50 (former support) and 128.00 (psychological level/20-hour SMA).

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