20 Jan 2015
EUR/JPY uninspired by upbeat German Zew survey data
FXStreet (Mumbai) - The EUR/JPY pair trades largely unchanged after the German Zew survey data for January came-in better-than-expected.
The pair is witnessing a classic ‘buy the rumor, sell the fact” trade as the exchange rate advanced ahead of the data since markets were expecting a rise in Current situation index and Economic sentiment index. The EUR/JPY cross clocked a high of 137.41 prior to release of the data. However, the pair has eased-off slightly after the data showed current situation index at 22.4 and Economic sentiment index at 48.4; both managing to beat the expectations by a wide margin.
The EUR/JPY pair now trades 0.54% higher for the day at 137.19 levels. The gains in the cross were largely driven by the EUR/USD, which rose to a high of 1.1614 ahead of the data. Meanwhile, the USD/JPY pair remained largely unchanged at 118.35 levels.
EUR/JPY Technical Levels
The immediate resistance is seen at 137.39, above which gains could be extended to 138.00 levels. Meanwhile, support is seen 137.00 and 136.38 (weekly 100-SMA) levels.
The pair is witnessing a classic ‘buy the rumor, sell the fact” trade as the exchange rate advanced ahead of the data since markets were expecting a rise in Current situation index and Economic sentiment index. The EUR/JPY cross clocked a high of 137.41 prior to release of the data. However, the pair has eased-off slightly after the data showed current situation index at 22.4 and Economic sentiment index at 48.4; both managing to beat the expectations by a wide margin.
The EUR/JPY pair now trades 0.54% higher for the day at 137.19 levels. The gains in the cross were largely driven by the EUR/USD, which rose to a high of 1.1614 ahead of the data. Meanwhile, the USD/JPY pair remained largely unchanged at 118.35 levels.
EUR/JPY Technical Levels
The immediate resistance is seen at 137.39, above which gains could be extended to 138.00 levels. Meanwhile, support is seen 137.00 and 136.38 (weekly 100-SMA) levels.