The Euro-Yen pair continues its downwards trend from a peak of 124.90 on Friday, currently trading at 124.00. The Euro has 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) increases uncertainty over whether a cliff-edge scenario will manifest.
Currently, 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 Support point.
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Dr Nektarios Michail
Market Analyst
HotForex
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