EUR/JPY Finds Support Near 125.00
The softer tone in the euro plus increasing demand for the Japanese currency is dragging EUR/JPY to the 125.20 area on Wednesday.
EUR/JPY lower on risk aversion
The
cross is posting losses for the fourth consecutive session so far,
retreating from last week’s tops just above 128.00 the figure along with
a renewed selling mood around the single currency and a resurgence of
the risk-off sentiment in the global markets.
Nothing worth
mentioning on the data front, while market participants seem to have
bypassed recent rumours on the likeliness of further easing by the BoJ,
likely to be announced at its next meeting.
EUR/JPY relevant levels
At
the moment the cross is retreating 0.29% at 125.24 facing the next
support at 124.61 (low Mar.24) followed by 124.38 (38.2% Fibo of
121.98-128.26) and then 123.00 (low Mar.9). On the flip side, a break
above 126.42 (20-day sma) would expose 126.85 (55-day sma) and finally
128.26 (high Mar.31).
(Market News Provided by FXstreet)
