The Euro-Yen pair continues its downwards trend from a peak of 124.90 on Friday, currently trading at 124.00. The Euro declined on account of weaker than expected data releases, as Industrial Production declined by 1.7% m/m in November, compared to expectations of a 1.5% decline. Furthermore, the expected rejection of the EU Withdrawal Agreement by the UK Parliament (see our detailed post for more on what is expected tomorrow) comes at the expense of increased uncertainty over whether a cliff-edge scenario will manifest.
Currently, the EURJPY appears to be moving towards the 124.05 Resistance level (23.6% Fib.), which, if broken could also lead to the 124.22 Resistance level (38.2% Fib.). On the downside, the 123.77 level (0% Fib.) stands as the the Support point.
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Dr Nektarios Michail
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