FXStreet (Edinburgh) – The selling pressure is gathering traction around the euro on Wednesday, now sending EUR/JPY to the 134.80 area, or daily lows.
EUR/JPY softer on EUR-selling
The start of the European session has brought in further weakness to the single currency so far, prompting the cross to surrender a big chunk of yesterday’s strong gains.
In another direction, the same rhetoric from Governor Kuroda at his speech today was broadly in line with market expectations, reiterating once again that the Bank of Japan remains ready to pump further stimulus in case of need.
EUR/JPY significant levels
The cross is now losing 0.49% at 134.85 with the next support at 134.44 (200d-sma) followed by 133.91 (up trend from early Sep.) and finally 133.08 (multi-month low Sep.4). On the upside, a surpass of 135.93 (55-d sma) would aim for 136.26 (down trend from mid-Aug tops) and then 137.44 (monthly peaks Sep.17).
(Market News Provided by FXstreet)