The Japanese Yen is losing ground across the board in Asia, despite the overnight drop in the US equities and the risk-averse Asian stocks. How is the EURJPY pair now trading? Find out on the 28 March EURJPY Technical Analysis.
28 March, GKFX – Consequently, EUR/JPY is on the rise, currently trading at a session high of 131.16. The US stocks traded on a shaky ground yesterday, courtesy of the decline in the tech stocks. The Dow Jones Industrial Average (DJIA) fell 1.4 percent, while the S&P 500 shed 1.7 percent. Also, the tech-heavy Nasdaq Composite Index dropped 2.9 percent.
Japan’s Nikkei index
Meanwhile, the Shanghai Composite index has dropped 0.4 percent and stocks in Australia, and New Zealand is down 0.5 percent and 1 percent, respectively. Further, Japan’s Nikkei index is reporting 1.48 percent drop. So, the decline in the Yen is somewhat surprising.
That said, North Korea developments and attempts to end a potential scandal in Japan are risk-on developments and could be keeping the Japanese currency under pressure. The European data docket is empty, hence the pair is at the mercy of the broader market sentiment.
28 March EURJPY Technical Analysis
A break above 131.38 (Monday’s high) would open up upside towards 131.91 (200-day MA) and 132.02 (March 6 high). On the other hand, a move below 130.58 (session low) could yield a pullback to 130.35 (5-day MA) and 130.00 (psychological level).
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