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EUR/JPY 123.00-124.00 trading range holds, drops to the lower end

09:23 23 May /2016 Forex

Holding its 5-day trading range, the EUR/JPY pair reversed after testing 124.00 handle on Friday and has now dropped back to the vicinity of 123.00 mark.

The Yen's relative out-performance against the shared currency on Monday is on the back of risk-off mood, which seems to boost the safe-haven appeal of the Japanese currency. Further, higher than expected Japan's trade surplus data seems to further pull the pair lower.

Going forward, the flash version of the Euro-zone PMI reading, due for release during the European session, would provide some tradable moves and could also act as an catalyst to trigger a break-out from the pair's recent trading range. Meanwhile, risk sentiment surrounding European equity might also drive investor sentiment around the pair.

From technical perspective, the pair remains struck between 123.00-124.00 short-term trading-range. However, looking at the broader picture, repeatedly failures to sustain its recovery move beyond 124.00 mark points to a near-term consolidation phase before the pair resumes its prior downward trajectory.

Technical levels to watch

From current levels, the pair seems to be headed back towards testing the lower end of the trading range support near 122.85-80 area. A convincing break below the lower end of the trading range seems to open room for an immediately fall towards recent lows support near 121.65-60 area.

On the flip side, the pair needs to decisively break through the top-end of the trading range resistance near 124.15-20 area, which if conquered seems to assist the pair beyond 125.00 psychological mark, towards 125.30-35 horizontal resistance.

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