23 Jan 2014
EUR/JPY retreats after hitting 1-week high
FXstreet.com (Córdoba) - The EUR/JPY climbed to a fresh 1-week high during the European session, underpinned by better than expected Eurozone's PMI.
Both manufacturing and services PMI came in above expectations in January, lifting the euro across the board. The EUR/JPY rallied more than 120 pips and through the 142.00 mark to reached a high of 142.40 before losing steam. The pair has pulled back a tad from highs and it is currently trading around 142.00, still up 0.3% on the day.
EUR/JPY technical levels
In terms of technical levels, the EUR/JPY could find immediate resistances at 142.40 (Jan 23 high), 142.50 (21-day SMA) and 142.90 (Jan 16 high). On the other hand, supports are seen at 141.90 (intraday level), 141.20 (Jan 23 low) and 141.00 (psychological level).
Both manufacturing and services PMI came in above expectations in January, lifting the euro across the board. The EUR/JPY rallied more than 120 pips and through the 142.00 mark to reached a high of 142.40 before losing steam. The pair has pulled back a tad from highs and it is currently trading around 142.00, still up 0.3% on the day.
EUR/JPY technical levels
In terms of technical levels, the EUR/JPY could find immediate resistances at 142.40 (Jan 23 high), 142.50 (21-day SMA) and 142.90 (Jan 16 high). On the other hand, supports are seen at 141.90 (intraday level), 141.20 (Jan 23 low) and 141.00 (psychological level).