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20 May 2015
EUR/JPY bounces-off 134
FXStreet (Mumbai) - EUR/JPY fought back lost ground somewhat in the European session, bouncing-off a brief dip below 134 barrier. The cross remains pressured largely on the back of broad euro weakness after ECB QE comments and stronger USD continues to drag the shared currency lower.
EUR/JPY back above 134 handle
Currently, the EUR/JPY pair trades -0.10% at 134.49, recovering from 133.93 session lows. EUR/JPY recovered from lows and keeps mild losses as the shared currency seems to have regained footing versus the US dollar ahead of FOMC which may provide fresh cues on the cross. While, the dollar-yen pair remains strongly bid, limiting the downside in EUR/JPY cross.
Earlier in the session, the cross dipped 134 handle after he euro plummeted on Tuesday after the ECB's action. While German PPI also disappointed market participants, when printing just 0.1% on a monthly basis, while the y/y change came out at -1.5%, both figures missing estimates.
EUR/JPY Technical Levels
To the upside, the next resistance is located at 135 levels and above which it could extend gains 135.83 (May 19 High) levels. To the downside immediate support might be located at 133.93 (Today’s Low) below that at 133.06 (May 5 Low) levels.
EUR/JPY back above 134 handle
Currently, the EUR/JPY pair trades -0.10% at 134.49, recovering from 133.93 session lows. EUR/JPY recovered from lows and keeps mild losses as the shared currency seems to have regained footing versus the US dollar ahead of FOMC which may provide fresh cues on the cross. While, the dollar-yen pair remains strongly bid, limiting the downside in EUR/JPY cross.
Earlier in the session, the cross dipped 134 handle after he euro plummeted on Tuesday after the ECB's action. While German PPI also disappointed market participants, when printing just 0.1% on a monthly basis, while the y/y change came out at -1.5%, both figures missing estimates.
EUR/JPY Technical Levels
To the upside, the next resistance is located at 135 levels and above which it could extend gains 135.83 (May 19 High) levels. To the downside immediate support might be located at 133.93 (Today’s Low) below that at 133.06 (May 5 Low) levels.