EUR/JPY Price Analysis: A drop to the 200-day SMA remains in store.

EUR/JPY loses further ground and breaches the 142.00 level.The next support is seen at the key 200-day SMA near 140.80.EUR/JPY adds to the weekly leg lower and breaks below the key support at 142.00, or 2-day lows, on Wednesday.

In case the downside accelerates, the next support of note emerges at the 200-day SMA, today at 140.79. A sustainable drop below the latter exposes extra weakness to, initially, the 138.00 neighbourhood.The constructive outlook for EUR/JPY is seen unchanged above the 200-day SMA for the time being.

EUR/USD stays below 1.0900 after German IFO data

EUR/USD trades marginally lower on the day below 1.0900 as the cautious market mood helps the US Dollar holds its ground against its rivals. The IFO data from Germany showed that business sentiment improved modestly in January but failed to help the Euro.

EUR/USD News 

GBP/USD steadies above 1.2300 amid cautious mood

GBP/USD is holding steady above 1.2300 heading into Wednesday’s London open. The US Dollar licks its wounds amid broad risk aversion and muted US Treasury yields, lending some support to the GBP/USD pair. 

GBP/USD News 

Gold pulls away from multi-month top, slides below $1,925 level

Gold price edges lower on Wednesday and moves away from a nine-month high, around the $1,942-$1,943 area touched the previous day. The XAU/USD remains on the defensive through the first half of the European session and is currently placed near the daily low, just below the $1,925 level, down nearly 0.70% for the day.

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