EUR JPY halts higher from month long merging
8/29/2016 10:39:14 AM
Fundamental Analysis Bid tone round EUR collected pace in Asia following Friday’s overstated sell-off, therefore causing an upside break in the EUR/JPY cross from the month long trading range of 114.65-112.35. Cross ran into 50-DMA persistence at 114.45 levels after having recovered from the low of 113.90 levels the growth has been largely fuelled by EUR/USD recovery from 1.1175 to 1.1200. Furthermore, the decrease in the EUR/USD pair on Friday was somewhat overstated. In the meantime, USD/JPY pair gathered pace too, therefore adding to the bid tone around EUR/JPY cross. The EUR/JPY pair was last seen trading around 114.60 levels. Approval above 114.65 could yield a test of 115.50. A violation there would represent 117.10. On the lower side, breach of daily low of 113.50 would open doors for a decrease to 112.80 and 112.20.
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