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14 Apr 2015
EUR/JPY stuck below 126.50
FXStreet (Mumbai) - The EUR/JPY pair failed to sustain above 126.50 levels despite of a better-than-expected Eurozone industrial production data.
EUR/JPY: Stuck at hourly 10-MA
The pair is being rejected repeatedly at the hourly 10-MA currently located at 126.53, even after the Eurozone industrial production printed higher than expected. Year-on-year Eurozone industrial production rose by 1.6%, beating the estimate of a 0.7% rise, and up from January’s 0.4% gain. Month-on-month the Industrial Production rose 1.1%, bettering the estimate of 0.4% gains, and up from January’s 0.3% contraction.
Earlier today, the pair had dropped to a low of 126.08 as the Yen gained across the board after Japanese PM advisor Hamada called USD/JPY exchange rate at 120.00 as overvalued as per purchasing power parity.
EUR/JPY Technical Levels
The immediate support is seen at 126.08, under which losses could be extended to 125.66 (June 2013 low). On the other hand, resistance is seen at 126.53 (hourly 10-MA) and 126.89.
EUR/JPY: Stuck at hourly 10-MA
The pair is being rejected repeatedly at the hourly 10-MA currently located at 126.53, even after the Eurozone industrial production printed higher than expected. Year-on-year Eurozone industrial production rose by 1.6%, beating the estimate of a 0.7% rise, and up from January’s 0.4% gain. Month-on-month the Industrial Production rose 1.1%, bettering the estimate of 0.4% gains, and up from January’s 0.3% contraction.
Earlier today, the pair had dropped to a low of 126.08 as the Yen gained across the board after Japanese PM advisor Hamada called USD/JPY exchange rate at 120.00 as overvalued as per purchasing power parity.
EUR/JPY Technical Levels
The immediate support is seen at 126.08, under which losses could be extended to 125.66 (June 2013 low). On the other hand, resistance is seen at 126.53 (hourly 10-MA) and 126.89.