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21 May 2015
EUR/JPY testing 135.00
FXStreet (Mumbai) - EUR/JPY rallied to fresh sessions in the European morning, bouncing-off sharply from a brief dip after the German PMI release. The major seems to have shrugged off dismal German services and manufacturing PMIs and jumps higher as markets continue to cheer upbeat French PMI readings which surprised markets on the upside.
EUR/JPY rebounds higher from 134.44
Currently, the EUR/JPY pair trades 0.20% at 134.88, having reached fresh session highs at 134.99 levels. EUR/JPY recovered from a spike to the downside and rallied as the shared currency was heavily bid after the French manufacturing and services activity gauges showed unexpectedly positive results in May. While the pair bounced-off session lows reached after German manufacturing PMIs disappointed markets.
On the other hand, the upside in the cross remains restricted largely on yen strength against the greenback following dovish Fed minutes which pressured the USD across the board.
Meanwhile, traders now await EMU PMI readings and ECB accounts which will released shortly.
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 134.23 (Today’s Low) below that at 133.93 (May 20 Low) levels.
EUR/JPY rebounds higher from 134.44
Currently, the EUR/JPY pair trades 0.20% at 134.88, having reached fresh session highs at 134.99 levels. EUR/JPY recovered from a spike to the downside and rallied as the shared currency was heavily bid after the French manufacturing and services activity gauges showed unexpectedly positive results in May. While the pair bounced-off session lows reached after German manufacturing PMIs disappointed markets.
On the other hand, the upside in the cross remains restricted largely on yen strength against the greenback following dovish Fed minutes which pressured the USD across the board.
Meanwhile, traders now await EMU PMI readings and ECB accounts which will released shortly.
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 134.23 (Today’s Low) below that at 133.93 (May 20 Low) levels.