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10 Apr 2015
EUR/JPY poised to test 127
FXStreet (Mumbai) - EUR/JPY sank to fresh three week lows during the European session, largely as the shared currency was heavily offered across the board amid impending Greece concerns and strongly bid US dollar.
EUR/JPY pressured on stronger USD
Currently, the EUR/JPY cross traded lower by -0.93% at fresh 3-week lows of 127.28 levels. The cross in EUR/JPY remains pressured and is likely to attack 127 handle as the shared currency remains deep in the negative territory against the US dollar. While, strengthening yen against the greenback after BOJ’s Nakosa’s comments also exacerbates the pain in the cross.
Meanwhile, there is little on the agenda today, with the US monthly budget statement expected to post a deficit of USD43 billion for March, a huge shrinkage from the deficit of USD192.3 billion. As for speeches, two Federal Reserve (Fed) officials - Jeffrey Lacker and Narayana Kocherlakota - are both scheduled to speak during this session which may further impact US dollar moves.
EUR/JPY Levels to consider
To the upside, the next resistance is located at 128 and above which it could extend gains to at 128.50 levels. To the downside immediate support might be located at 127 levels below that at 126.85 levels.
EUR/JPY pressured on stronger USD
Currently, the EUR/JPY cross traded lower by -0.93% at fresh 3-week lows of 127.28 levels. The cross in EUR/JPY remains pressured and is likely to attack 127 handle as the shared currency remains deep in the negative territory against the US dollar. While, strengthening yen against the greenback after BOJ’s Nakosa’s comments also exacerbates the pain in the cross.
Meanwhile, there is little on the agenda today, with the US monthly budget statement expected to post a deficit of USD43 billion for March, a huge shrinkage from the deficit of USD192.3 billion. As for speeches, two Federal Reserve (Fed) officials - Jeffrey Lacker and Narayana Kocherlakota - are both scheduled to speak during this session which may further impact US dollar moves.
EUR/JPY Levels to consider
To the upside, the next resistance is located at 128 and above which it could extend gains to at 128.50 levels. To the downside immediate support might be located at 127 levels below that at 126.85 levels.