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EUR / JPY cuts losses after falling to 123.65

  • Euro falls again against the yen, shows signs of stabilization after the start of the American session.
  • EUR / JPY continues to approach important support.

EUR / JPY is falling for the second day in a row, although it has managed to cut losses in the last hours, after the start of the American session. The The price bottomed at 123.64, the lowest level since Monday and is trading at 123.80 / 85.

The EUR / USD decline is being the main factor behind the EUR / JPY decline on Thursday. In the last hour, the rebound of stocks on Wall Street together with the advance of the USD / JPY gave support to the cross and favored the recovery of the euro.

It has just been known that consumer confidence in October in the Eurozone, According to the preliminary report, it fell from -13.9 to -15.5, a figure slightly worse than expected of -15. In the US, claims for unemployment benefits fell more than expected.

Technical overview

He EUR / JPY in the very short term is with a bearish bias, but in the day chart it is still supported on the 100-day moving average and on a trend line that is passing through 1213.30 / 40. A close below the latter level would point to further declines, possibly testing the September lows of 122.30 / 40.

In the opposite direction, the first resistance of the EUR / JPY has become 124.40. If it continues to rise, the area of ​​the recent highs near 125.00 will appear on the radar again. A consolidation above 125.00 would enable an extension of the bullish run.

Technical levels


Credits: Forex Street

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