12 Aug 2015
EUR/JPY recedes from fresh 2-month highs
FXStreet (Mumbai) - The cross in the EUR/JPY extends its upward trajectory for the fourth straight session on Wednesday, mainly driven by strengthening shared currency against the US dollar bolstered by the recent Greek deal optimism while markets moved past PBOC-led risk-off tide.
EUR/JPY: 139 handle in sight
Currently, the EUR/JPY pair trades 0.32% higher at 138.62, easing-off fresh two month highs reached at 138.78. The EUR/JPY keeps its bid tone intact and marches gradually higher as the gains in the Euro overshadows the broad yen strength while markets ignored the disappointing industrial figures from the Euro land.
Industrial production in the euro area closed the first half of the year with a surprising deceleration, suggesting that the bloc's recovery stalled in the second quarter after a firm start to the year.
On the other hand, the yen remained firmer versus the US dollar despite the latest PBOC yuan devaluation weighing on most Asian currencies, thereby keeping USD/JPY lower near 124.50 levels.
EUR/JPY Technical Levels
To the upside, the next resistance is located at 136.51 (Aug 6 High) levels and above which it could extend gains 136.99 (July 28 High) levels. To the downside immediate support might be located at 135.49 (July 30 Low) below that at 135.24 (July 14 Low) levels.
EUR/JPY: 139 handle in sight
Currently, the EUR/JPY pair trades 0.32% higher at 138.62, easing-off fresh two month highs reached at 138.78. The EUR/JPY keeps its bid tone intact and marches gradually higher as the gains in the Euro overshadows the broad yen strength while markets ignored the disappointing industrial figures from the Euro land.
Industrial production in the euro area closed the first half of the year with a surprising deceleration, suggesting that the bloc's recovery stalled in the second quarter after a firm start to the year.
On the other hand, the yen remained firmer versus the US dollar despite the latest PBOC yuan devaluation weighing on most Asian currencies, thereby keeping USD/JPY lower near 124.50 levels.
EUR/JPY Technical Levels
To the upside, the next resistance is located at 136.51 (Aug 6 High) levels and above which it could extend gains 136.99 (July 28 High) levels. To the downside immediate support might be located at 135.49 (July 30 Low) below that at 135.24 (July 14 Low) levels.