27 Feb 2015
EUR/JPY inching higher ahead of German CPI
FXStreet (Mumbai) - The EUR/JPY pair is closing in on 134.00 levels ahead of the preliminary CPI reading in Germany.
EUR/JPY: Bounced from a technical support
The pair bounced-off from the technical support located at 133.53 (Feb. 20 low). The shared currency came under sharp pressure yesterday after the EUR/USD pair breached the support at 1.1263, post which stops were triggered leading to a sharp sell-off in the EUR pairs. However, the EUR/USD pair has stabilized above 1.12 levels for the time being; up 0.22% at 1.1222. Meanwhile, the USD/JPY pair is trading largely unchanged at 0.03%.
The EUR/JPY cross could move higher if the German CPI shows signs of inflation bottoming out.
EUR/JPY Technical Levels
The immediate resistance is seen at 134.00, above which gains could be extended to 134.76 levels. On the flip side, support is seen at 133.53 and 133.00 levels.
EUR/JPY: Bounced from a technical support
The pair bounced-off from the technical support located at 133.53 (Feb. 20 low). The shared currency came under sharp pressure yesterday after the EUR/USD pair breached the support at 1.1263, post which stops were triggered leading to a sharp sell-off in the EUR pairs. However, the EUR/USD pair has stabilized above 1.12 levels for the time being; up 0.22% at 1.1222. Meanwhile, the USD/JPY pair is trading largely unchanged at 0.03%.
The EUR/JPY cross could move higher if the German CPI shows signs of inflation bottoming out.
EUR/JPY Technical Levels
The immediate resistance is seen at 134.00, above which gains could be extended to 134.76 levels. On the flip side, support is seen at 133.53 and 133.00 levels.