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16 Feb 2018

EUR/JPY keeps the red near 132.50

  • Cross remains in 3-month lows.
  • EUR-weakness helping on the downside.
  • Lower USD/JPY weighing on the down move.

The now selling pressure around the European currency is collaborating with the drop in EUR/JPY to fresh multi-month lows in the 132.50 region.

EUR/JPY in 3-month lows

The cross is down for the second session in a row at the end of the week, extending the correction lower to the mid-131.00s on Wednesday – levels last seen in late November – where it seems to have found some moderate support.

The strong flows into the Japanese safe haven via a much lower USD/JPY has been collaborating with the downside in the crosses and is cited as the main driver behind the drop, today also helped by the offered bias surrounding the shared currency.

Nothing of relevance in the calendar today, while news coming from the ‘Land of the Rising Sun’ noted H.Kuroda has been re-appointed for another term at the helm of the Bank of Japan.

EUR/JPY relevant levels

At the moment the cross is losing 0.14% at 132.51 facing the next support at 132.36 (low Feb.16) followed by 131.58 (low Feb/14) and then 131.02 (200-day sma). On the other hand, a break above 133.61 (10-day sma) would open the door to 134.71 (21-day sma) and finally 137.53 (2018 high Feb.2).

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