24 Mar 2015
EUR/JPY hits fresh 4-day highs on German PMI
FXStreet (Mumbai) - EUR/JPY extends its upward moves in the European session largely on the euro strength after German manufacturing and services sectors expanded beyond expectations in March.
EUR/JPY hits fresh highs post data
Currently, the EUR/JPY cross traded higher by 0.19% at 131.27 levels, quickly retreating from fresh four day highs reached at 131.41 levels shortly after the data release. The cross in EUR/JPY edged higher after the shared currency rose across the board after solid German data which showed that German manufacturing PMI rose to 52.4 in March compared with 51.1 in February, a fourth straight month of upswings. As for the services sector, it also enjoyed further growth from 54.7 in February to 55.3 in March.
On the other hand, gains in EUR/JPY were capped by a stronger yen versus the greenback awaiting fresh cues from the upcoming US CPI report.
EUR/JPY Levels to consider
To the upside, the next resistance is located at 131.53 and above which it could extend gains to at 132 levels. To the downside immediate support might be located at 130.80 levels below that at 130.49 levels.
EUR/JPY hits fresh highs post data
Currently, the EUR/JPY cross traded higher by 0.19% at 131.27 levels, quickly retreating from fresh four day highs reached at 131.41 levels shortly after the data release. The cross in EUR/JPY edged higher after the shared currency rose across the board after solid German data which showed that German manufacturing PMI rose to 52.4 in March compared with 51.1 in February, a fourth straight month of upswings. As for the services sector, it also enjoyed further growth from 54.7 in February to 55.3 in March.
On the other hand, gains in EUR/JPY were capped by a stronger yen versus the greenback awaiting fresh cues from the upcoming US CPI report.
EUR/JPY Levels to consider
To the upside, the next resistance is located at 131.53 and above which it could extend gains to at 132 levels. To the downside immediate support might be located at 130.80 levels below that at 130.49 levels.