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EUR/JPY Sinks Onto 100-DMA

EUR/JPY went offered and last deals -37 pips at Y123.57, through yesterday's worst levels. Traders speaking to BBG flagged sales in the pair on above average turnover. The pair slid onto its 100-DMA, but failed to establish itself below there and now hovers just north of the level.

  • The resurging Covid-19 continues to sweep across Europe, prompting government to tighten and add curbs on social interactions. On Thursday, France's tally of new cases topped 40,000 for the first time.
  • A clean break under the 100-DMA at Y123.52 would open up Oct 15 low of Y123.02, a key near-term support. A breach of that latter level would generate a fresh bearish impetus, turning focus to Sep 28 low of Y122.38. Bulls look to take out the 50-DMA at Y124.59 before setting their sights on the psychological Y125.00 level, coinciding with the high of Oct 20.
  • Several M'fing PMI readings from across the EZ headline in the region today.
BulletMarketsForeign Exchange Bullets
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