FXStreet (Córdoba) – EUR/JPY erased daily losses and is now trading around 130.00. Earlier it broke to the downside after moving in a small range during 24 hours and dropped to 129.66 hitting the lowest level in seven months.
It moved between 129.70 and 129.90 for hours, until the American session when it broke to the upside. Recently it reached 130.07, level located below daily highs (130.15). It is trading now around yesterday’s closing price but 75 pips below where it was a week ago.
EUR/JPY: Another weekly loss
The pair is about to post the seventh weekly decline in a row amid an ongoing euro weakness. EUR/JPY failed to hold despite the recovery of USD/JPY. So far the area around 130.00 is offering support.
Ahead of the European Central Bank meeting the pair could remain under pressure, particularly if it fails to hold above 130.00. The next medium-term support might lie at 129.25 and 127.00.
(Market News Provided by FXstreet)