Back
2 Jan 2015
EUR/JPY trades below 50-DMA
FXStreet (Mumbai) - The EUR/JPY pair opened the new year below the 50-DMA located at 145.30 levels, after having breached the same on the last day of 2013.
The pair is trading 0.13% up at 145.17 today, after having clocked a low of 144.76 levels earlier today. Moreover, the cross benefited from a sudden rise in the USD/JPY pair above 120.00 levels despite lackluster action in the US treasury yields. The 10-yr yield in the US is largely unchanged at 2.17%. Meanwhile, the EUR/USD pair fell towards 2012 lows as markets continue to price-in the possibility of quantitative easing in the Eurozone in the first quarter of the current year. However, the EUR/USD pair is down 0.41%, compared to the 0.52% rise in the USD/JPY pair. Thus, the EUR/JPY cross has managed to post modest gains.
On technical grounds, the EUR/JPY pair has sought support around 144.70-144.80 levels for the third consecutive session today. So far, the pair has been unable to extend the losses despite falling below the 50-DMA.
EUR/JPY Technical Levels
The immediate support is seen at the 50-DMA located at 145.30 levels, above which the gains could be extended to 145.60 levels. Meanwhile, support is seen in the region of 144.70-144.80, a breach of which could push the pair down to 144.24 levels.
The pair is trading 0.13% up at 145.17 today, after having clocked a low of 144.76 levels earlier today. Moreover, the cross benefited from a sudden rise in the USD/JPY pair above 120.00 levels despite lackluster action in the US treasury yields. The 10-yr yield in the US is largely unchanged at 2.17%. Meanwhile, the EUR/USD pair fell towards 2012 lows as markets continue to price-in the possibility of quantitative easing in the Eurozone in the first quarter of the current year. However, the EUR/USD pair is down 0.41%, compared to the 0.52% rise in the USD/JPY pair. Thus, the EUR/JPY cross has managed to post modest gains.
On technical grounds, the EUR/JPY pair has sought support around 144.70-144.80 levels for the third consecutive session today. So far, the pair has been unable to extend the losses despite falling below the 50-DMA.
EUR/JPY Technical Levels
The immediate support is seen at the 50-DMA located at 145.30 levels, above which the gains could be extended to 145.60 levels. Meanwhile, support is seen in the region of 144.70-144.80, a breach of which could push the pair down to 144.24 levels.