FXStreet (Edinburgh) – EUR/JPY is trading in a narrow range at the beginning of the week, hovering over 133.60 ahead of key releases in Euroland.
EUR/JPY attention to IFO
The cross remains on the negative footing on Monday, currently eroding the critical support at the 6-month uptrend ahead of the opening bell in Europe. The ongoing weakness around the single currency following the ECB meeting last Thursday keeps weighing on the cross, which is retreating for the third consecutive session so far.
Next of relevance will be the German IFO indicator, while on the Japanese side, the likeliness of further easing could start to weigh on JPY ahead of the upcoming BoJ meeting (Friday).
EUR/JPY significant levels
The cross is now losing 0.13% at 133.64 and a breach of 133.43 (6-month uptrend) would aim for 133.11 (low Sep.23) and finally 132.18 (monthly low Sep.8). On the upside, the initial barrier lies at 134.51 (200-day ma) followed by 135.00 (psychological level) and then 135.59 (55-day sma).
(Market News Provided by FXstreet)