12 Feb 2015
EUR/JPY ignores fall in German CPI
FXStreet (Mumbai) - The EUR/JPY trades largely unchanged after the official data in Germany showed cot of living declined for the third consecutive month in January.
Gains at risk of reversal in Yen
The pair is at a risk of a sharp reversal in the USD/JPY pair, which is struggling to rise above 120.36 levels since the Asian session. Moreover, the rally in the EUR/JPY pair since last Friday has been mainly triggered by a sharp rise in the USD/JPY pair on strong US jobs report. In the meantime, the EUR/USD pair has been restricted in a range of 1.1270-1.1350.
The shared currency failed to respond even though the data showed German CPI fell 0.4% in January. The two-year German yield fell to a record low of 0.223%, despite which the EUR/JPY remained largely unchanged.
EUR/JPY Technical Levels
The immediate support is seen at 135.76, under which losses could be extended to 135.20 (5-DMA) levels. On the flip side, resistance is seen at 136.67 and 137.61 (Jan. 20th High).
Gains at risk of reversal in Yen
The pair is at a risk of a sharp reversal in the USD/JPY pair, which is struggling to rise above 120.36 levels since the Asian session. Moreover, the rally in the EUR/JPY pair since last Friday has been mainly triggered by a sharp rise in the USD/JPY pair on strong US jobs report. In the meantime, the EUR/USD pair has been restricted in a range of 1.1270-1.1350.
The shared currency failed to respond even though the data showed German CPI fell 0.4% in January. The two-year German yield fell to a record low of 0.223%, despite which the EUR/JPY remained largely unchanged.
EUR/JPY Technical Levels
The immediate support is seen at 135.76, under which losses could be extended to 135.20 (5-DMA) levels. On the flip side, resistance is seen at 136.67 and 137.61 (Jan. 20th High).