Topic: EURJPY: Looks To Recovery Higher On Price Halt

EURJPY: The pair closed higher on price halt on Friday opening the door for more strength. On the downside, support comes in at the 133.00 level where a break if seen will aim at the 132.50 level. A cut through here will turn focus to the 132.00 level and possibly lower towards the 131.50 level. On the upside, resistance resides at the 133.50 level. Further out, we envisage a possible move towards the 134.00 level. Further out, resistance resides at the 134.50 level with a turn above here aiming at the 135.00 level. On the whole, EURJPY faces further bear threats

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Re: EURJPY: Looks To Recovery Higher On Price Halt

It was a brutal week in EUR/JPY, and this comes after the pair set a fresh two year high just last Friday. While no specifically negative factors showed-up out of the Euro-Zone this week, the global run of risk aversion did not leave EUR/JPY unscathed, and sellers came into the pair in droves to reverse a month worth of gains this week.

To open this week, we asked if some element of support would show off of prior levels of interest around 136.00 and 135.00. The definitive answer to that question was ‘no’ as sellers pushed the pair below 135.00 and even beyond the 134.41 Fibonacci level on Tuesday morning; and after a quick bounce the selling continued to drive EUR/JPY down to fresh 2018 lows.