FXStreet (Mumbai) – The EUR/JPY pair recovered from the low of 129.89, but stays well below the hourly 50-MA located at 130.29 levels.
Heading for seventh consecutive weekly loss?
Given the trading holiday in the US and holiday thinned trade heading into the weekend tomorrow, the odds appear stacked in favour of a seventh straight weekly loss in the EUR/JPY. Moreover, heightened expectations of more unconventional easing at the Dec 3rd ECB meeting is keeping the single currency under pressure.
Nevertheless, a possible risk-on in asia tomorrow may bring Yen under pressure, although it remains to be seen if the EUR/JPY manages to rise above 130.70 and move towards a weekly gain.
EUR/JPY Technical Levels
A break below 130.00 would expose 129.77 (previous day’s low), under which the pair may extend the drop to 129.00 levels. On the higher side, 130.29 (hourly 50-MA) could offer resistance followed by a major hurdle at 130.51 (hourly 100-MA).
(Market News Provided by FXstreet)