12 Feb 2015
EUR/JPY unmoved by Eurozone data
FXStreet (Mumbai) - The EUR/JPY pair shrugged-off a drop in the Eurozone Industrial Production as it trades largely unchanged at 135.70 levels post the data release.
Recovers above hourly 50-SMA
The pair recovered from the Bank of Japan (BOJ) shock to trade above the 50-SMA located at 135.45 levels. The Yen gained sharply across the board earlier today after the Bank of Japan termed further monetary easing as counterproductive. Furthermore, the bank also stated that further weakness in the Yen would hurt sentiment. Consequently, the EUR/JPY pair had dipped to 134.71, before recovering to trade at the current level of 135.65.
Moreover, markets remain focused on the Greece’s debt issue, thus we did not see much reaction in the EUR/JPY pair post the 0.2% YoY drop in the industrial production in the Eurozone.
EUR/JPY Technical Levels
At the moment the pair trades 0.68% lower at 135.65. The immediate support is seen at the hourly 50-SMA located at 135.45, under which losses could be extended to the hourly 100-SMA located at 134.94 levels. On the other hand, resistance is seen on the hourly charts at 135.76 and 136.33 levels.
Recovers above hourly 50-SMA
The pair recovered from the Bank of Japan (BOJ) shock to trade above the 50-SMA located at 135.45 levels. The Yen gained sharply across the board earlier today after the Bank of Japan termed further monetary easing as counterproductive. Furthermore, the bank also stated that further weakness in the Yen would hurt sentiment. Consequently, the EUR/JPY pair had dipped to 134.71, before recovering to trade at the current level of 135.65.
Moreover, markets remain focused on the Greece’s debt issue, thus we did not see much reaction in the EUR/JPY pair post the 0.2% YoY drop in the industrial production in the Eurozone.
EUR/JPY Technical Levels
At the moment the pair trades 0.68% lower at 135.65. The immediate support is seen at the hourly 50-SMA located at 135.45, under which losses could be extended to the hourly 100-SMA located at 134.94 levels. On the other hand, resistance is seen on the hourly charts at 135.76 and 136.33 levels.