30 Oct 2013
EUR/JPY backs away from highs
FXstreet.com (Córdoba) - The EUR/JPY retreated from weekly highs toward the 135.00 area at the beginning of the American session after data showed German CPI unexpectedly declined in October.
The German CPI fell 0.2% in October, against expectations of a flat reading while it grew 1.2% in yearly basis, versus 1.4% expected. The EUR/JPY pulled back from a 1-week high of 135.23 to a session low of 135.03 before finding support. At time of writing, EUR/JPY is trading at the 135.10 zone, still 0.1% above its opening price.
EUR/JPY levels to watch
In terms of technical levels, immediate resistances for EUR/JPY are seen at 135.23 (daily high), next resistances are seen at 135.49 (Oct 22 high) 135.71 (Nov 4 2009 high). On the other hand, supports could be found at 134.75 (daily low) and 134.48 (10-day SMA).
The German CPI fell 0.2% in October, against expectations of a flat reading while it grew 1.2% in yearly basis, versus 1.4% expected. The EUR/JPY pulled back from a 1-week high of 135.23 to a session low of 135.03 before finding support. At time of writing, EUR/JPY is trading at the 135.10 zone, still 0.1% above its opening price.
EUR/JPY levels to watch
In terms of technical levels, immediate resistances for EUR/JPY are seen at 135.23 (daily high), next resistances are seen at 135.49 (Oct 22 high) 135.71 (Nov 4 2009 high). On the other hand, supports could be found at 134.75 (daily low) and 134.48 (10-day SMA).