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EUR/JPY drops below 123.00 to lower end of trading range Haresh Menghani

12:00 23 May /2016 Forex

The EUR/JPY pair's downfall continues to gain momentum and has now dragged the pair back below 124.00 handle towards the lower end of its recent trading range.

Warning issued by G7 leaders to the Japanese authorities against currency intervention has been the key supportive pillar for the Japanese currency's strength on Monday. Moreover, global risk-off sentiment continues to boost the safe-haven demand of the Japanese currency and aggravated the JPY strength across the board.

Despite of today's sharp fall, the pair is yet to break through last week's lows and thus remains intact within its recent trading range. Hence, only a clear break-out of the recent trading range would provide cues over the pair's near-term directional move.

Technical levels to watch

From current levels, traders would be eyeing last week's low level of 122.60 to extend some immediate support. Failure to hold recent trading range support now seems to confirm resumption of the pair's medium-term downward trajectory, initially towards multi-month lows support near 121.70-60 area and eventually towards its next major support near 119.00 round figure mark.

Conversely, a bounce from current support level and a subsequent move above 123.40 intermediate resistance seems to confirm the pair's near-term trading range, thus assisting the pair move back to the top end of the trading range resistance near 124.00 handle.

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