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Extending Corrective Pullback

EURJPY

EUR/JPY has continued to grind lower, as a modest sense of caution has been evident in G10 price action. The rate descended onto the 50% retracement of the Oct 30 - Nov 9 rally at Y123.38, but struggled to breach the level and backed off. It last trades at Y123.48, a dozen pips worse off on the day.

  • A break below the aforementioned Y123.38 level would bring Nov 9 low of Y122.69, a key near-term support. On the topside, focus falls on Nov 11 high of Y124.68 and a move through there would prompt bulls to target Nov 9 high & bull trigger at Y125.13.
  • Eurostat will publish final CPI data for the whole Eurozone today, while ECB speaker slate features Supervisory Board Chair Enria.
BulletMarketsForeign Exchange Bullets
BulletMarketsForeign Exchange Bullets

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