5 Mar 2015
EUR/JPY recovers from 1-month lows
FXStreet (Mumbai) - EUR/JPY retreated from fresh monthly lows reached after downbeat German factory orders data and remains under pressure largely on the back of a sliding euro against the US dollar ahead of ECB meeting.
EUR/JPY supported above 132 levels
Currently, the EUR/JPY cross fell -0.18% at 132.35 levels, recovering from fresh four week lows hit at 132.15 levels post data. The cross in EUR/JPY dropped sharply largely on the back of a tumbling euro across board after traders remained wary on details about the QE at today's press conference. Moreover, weaker than expected German factory orders data also added to the losses in EUR/JPY.
However, the downside in the cross remains cushioned on the back of a weaker yen versus the US dollar as upbeat US macro data continues to boost the greenback.
Meanwhile, traders stick to cautious mode ahead of ECB policy meeting for further cues on the cross.
EUR/JPY Levels to consider
To the upside, the next resistance is located at 132.74 and above which it could extend gains to at 133 levels. To the downside immediate support might be located at 132.15 levels below that at 130.89 levels.
EUR/JPY supported above 132 levels
Currently, the EUR/JPY cross fell -0.18% at 132.35 levels, recovering from fresh four week lows hit at 132.15 levels post data. The cross in EUR/JPY dropped sharply largely on the back of a tumbling euro across board after traders remained wary on details about the QE at today's press conference. Moreover, weaker than expected German factory orders data also added to the losses in EUR/JPY.
However, the downside in the cross remains cushioned on the back of a weaker yen versus the US dollar as upbeat US macro data continues to boost the greenback.
Meanwhile, traders stick to cautious mode ahead of ECB policy meeting for further cues on the cross.
EUR/JPY Levels to consider
To the upside, the next resistance is located at 132.74 and above which it could extend gains to at 133 levels. To the downside immediate support might be located at 132.15 levels below that at 130.89 levels.