EUR JPY resisted to develop
11/23/2016 10:33:12 AM
The EUR/JPY cross resisted to develop Tuesday's up-move beyond 118.10 handle, to a 4 month high, and saw a slight retracement ahead of Euro-zone PMI prints.
Currently floating around 118.10 mark, the cross on Wednesday has failed to extract benefit from the bid tone surrounding the EUR/USD major and is being weighed down by usual cautious sentiment in equity markets.
Immediate downside support is fixed at 117.70 region, which if broken appears to quicken the slide immediately towards 117.50 horizontal support en-route its next important support near 117.10 handle. In the meantime, momentum above 118.10appears to pave way for a sharp up-move towards the very important 200-day SMA persistence near 118.80 region, which if cleared has the potential to continue improving the cross more towards 119.80 psychological mark in the near-term.
Written by FxErvin