EUR/JPY falls sharply, erases weekly gains

By FXStreet FXStreet (Córdoba) – The euro fell sharply against the yen on Wednesday in the absence of fundamental catalysts as investors adjust positions amid low liquidity ahead of the Christmas holiday.

EUR/JPY came under strong pressure and lost more than 130 pips from yesterday’s high erasing completely weekly gains. Having printed a low at 131.49, the pair is currently trading at 131.55, recording a 0.81% loss on the day.

Meanwhile, USD/JPY has barely moved today, trading directionless in a tight range around 121.00, unaffected by US durable goods orders nor confidence data.

EUR/JPY levels to watch

On the downside, immediate supports are seen at 131.02/00 (Dec 18 low/psychological level), 130.63 (Nov 16 low) and 130.13 (Dec 4, pre-ECB low). On the upside, short-term resistances could be faced at 132.60 (10- & 50-day SMAs), 132.78 (Dec 22 high) and 133.00 (psychological level).
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Source:: FX Street