8 Jul 2015
EUR/JPY back below 134
FXStreet (Mumbai) - The offered tone in the EUR/JPY cross heightened in the late-European session, with the cross once again dropping below 134 handle. The sudden bout of selling in EUR/JPY was seen mainly on retreating EUR/USD from highs amid cancellation of Euro group meeting on Greece. While the yen remains broadly supported ahead of FOMC minutes.
EUR/JPY recovers from 133.77
Currently, the EUR/JPY pair trades -0.76% lower at 133.92, heading towards session lows posted at 133.77. The EUR/JPY cross accelerated losses and fell back on the 133 handle as the EUR bears took over control as panic gripped the markets after news hit the wires that the Euro group conference call on Greece scheduled for today was cancelled.
While reports of ESM Loan request sent by Greece will be reviewed by the Euro group working committee also fuelled nervousness amongst the investors, dragging EUR/JPY lower.
Moreover, EUR/JPY also remains heavy on persistent strength seen in yen on rising demand for safety assets as traders await fresh news on Greece front ahead of Fed minutes due later today.
EUR/JPY Technical Levels
To the upside, the next resistance is located at 134.89 (Today’s High) levels and above which it could extend gains 135 levels. To the downside immediate support might be located at 133.77 (Today’s Low) below that at 133.51 (July 7 Low) levels.
EUR/JPY recovers from 133.77
Currently, the EUR/JPY pair trades -0.76% lower at 133.92, heading towards session lows posted at 133.77. The EUR/JPY cross accelerated losses and fell back on the 133 handle as the EUR bears took over control as panic gripped the markets after news hit the wires that the Euro group conference call on Greece scheduled for today was cancelled.
While reports of ESM Loan request sent by Greece will be reviewed by the Euro group working committee also fuelled nervousness amongst the investors, dragging EUR/JPY lower.
Moreover, EUR/JPY also remains heavy on persistent strength seen in yen on rising demand for safety assets as traders await fresh news on Greece front ahead of Fed minutes due later today.
EUR/JPY Technical Levels
To the upside, the next resistance is located at 134.89 (Today’s High) levels and above which it could extend gains 135 levels. To the downside immediate support might be located at 133.77 (Today’s Low) below that at 133.51 (July 7 Low) levels.