EUR/JPY Price Analysis: Retraces from weekly highs near 120 pips, hovers around 127.80s By christianborjon EURJPY Crosses Technical Analysis
A mixed-market mood dented appetite for the single currency, boosting the yen.The EUR/JPY plummets from weekly highs during the North American session amid a sudden risk-off market mood onreporting that Ukrainian Foreign Minister Dmytro Kubela said that Russia talks had not shown any progress. At the time of writing, the EUR/JPY is trading at 127.89.
Risk-aversion is back again, amid the lack of progress between Russia-Ukraine, as reflected by US equity markets trading in the red. In the FX space, the CHF and the JPY, safe-have peers trade mixed, but the JPY is stronger vs. the EUR due to the Eurozone implications in the conflict. Overnight, the EUR/JPY bounced off the 127.50 area, rallying towards 129.00 influenced by a pure market sentiment play, once Russian President Putin admitted that talks had taken a positive turn. However,
EUR/JPY traders faded the upward move, as depicted by the daily chart, with an “inverted-hammer” with a considerable 110-pip top-wick above the real-bodyThe EUR/JPY has remained above the bottom-trendline of a descending channel drawn since August 2021. In fact, it faced strong resistance at 129.00, but nose-dived, breaking on its way, crucial resistance/support levels like January 25 daily high at 128.25.
That said, the EUR/JPY first support would be 127.51, December 20, 2021. Breach of the latter would expose the bottom-trendline of the descending channel around the 126.90-95 area, followed by 125.09, January 18, 2021 low.
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