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23 Oct 2019

EUR/JPY meets support near the 10-day SMA at 120.30

  • EUR/JPY recedes further to the vicinity of 120.30.
  • EUR weakness keeps weighing on the cross.
  • Markets’ attention stays on Brexit, ECB.

The continuation of the selling bias in the single currency is forcing EUR/JPY to give away further gains and approach the 120.30 region, or 4-day lows.

EUR/JPY looks to the risk trends, Brexit

The cross is down for the second session in a row on Wednesday, coming under selling pressure following Monday’s new 3-month highs in the mid-121.00s. This important area of resistance coincides with late July peaks and precedes the key hurdle at the 200-day SMA, today at 122.21.

In the meantime, the broad risk appetite trends continue to monitor the developments from the Brexit negotiation, where the sentiment has quickly deteriorated as of late in the wake of the parliamentary votes last Saturday and yesterday.

Moving forward, investors are expected to remain cautious ahead of the ECB event tomorrow as well as the release of flash PMIs in core Euroland for the current month.

EUR/JPY relevant levels

At the moment the cross is losing 0.12% at 120.54 and a breach of 119.76 (100-day SMA) would expose 118.45 (55-day SMA) and finally 117.07 (monthly low Oct.3/7). On the upside, the next hurdle aligns at 121.47 (monthly high Oct.21) seconded by 122.21 (200-day SMA) and then 123.35 (monthly high Jul.1).

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The GBP/JPY cross added to the overnight losses and edged lower on Wednesday, albeit managed to attract some dip-buying just ahead of confluence suppo
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