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EUR/JPY: downside playing out on risk-off

FXStreet (Guatemala) - EUR/JPY is currently trading at 133.51 with a high of 134.99 and a low of 133.42.

EUR/JPY has been pressured below the 200 SMA on the hourly chart and continues to find offers with little attempt of a recovery from the bulls as yet while the Yen garners strength as equities are failing to bounce back as we progress through the week, favouring the Yen as a safe haven while the IMF have recently explained that China still poses a risk to Global growth.

EUR/JPY downside levels

Technically, for the near term, the next key support stands at 133.10 that guards the 132.24/131.80 recent lows and 61.8% retracement. Further out, Karen Jones, chief analyst at Commerzbank explained, "Slightly longer term we remain negative and we target the 2013-2015 support line at 127.59 currently. Initial support will be the 131.80 then 129.28 Fibonacci retracements of the move seen this year."

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