EUR/JPY fades a spike to 129.50

By FXStreet FXStreet (Mumbai) – The EUR/JPY cross faced fresh offers near 129.50 levels and drifted lower in early Europe, with markets monitoring the developments around the Chinese equities.

EUR/JPY holding onto 129 barrier

Currently, the EUR/JPY pair trades 0.07% lower at 129.29, easing-off session highs printed at 129.46 levels in early Asia. The EUR/JPY cross met fresh supply near the mid-point of 129 handle, which capped the recovery from 128.70 region, and the prices fell back in the red heading towards the European session.

The cross came under renewed selling pressure after the yen witnessed some fresh demand on the back of wavering China stocks, which weighed negatively on the market sentiment. While euro treads water against its American rival ahead of the German employment data and Euro zone Inflation report due later in the session ahead.

EUR/JPY Technical Levels

To the upside, the next resistance lies at 129.59 (daily pivot), above which it could extend gains to 130 (round number). To the downside, the cross finds immediate support at 129.07/00 (daily low/ psychological levels), below that 128.63 (Jan 4 Low), could act as a major support.
For more information, read our latest forex news. …read more

Source:: FX Street