11 Feb 2015
EUR/JPY hit three-week high
FXStreet (Mumbai) - The EUR/JPY pair rose to a three-week high of 135.44 levels ahead of the Eurozone finance ministers’ emergency meeting scheduled today.
EUR at risk of collision between Greece and its International creditors
The shared currency may come under pressure as the Greek PM’s anti-bailout plan won was approved by the parliament yesterday. The plan, which aims to roll back the austerity measures agreed by the previous PM is unlikely to be accepted as it is by the Eurogroup members. Moreover, a failure to reach a deal would mean Greece would not get the last 1.8 billion euro loan installments, leaving it at risk of a default.
The gains seen in the pair have been largely driven by a sharp rise in the USD/JPY pair since FRiday’s better-than-expected Non-farm payrolls figure. The USD/JPY pair rose from 117.20 levels to the current level of 119.52. Meanwhile, the EUR/ pair remains largely unchanged around 1.13 levels.
EUR/JPY Technical Levels
The pair has an immediate resistance at 135.79 (Jan. 21 low) and 136.17 levels. On the flip side, support is seen at 134.15 (hourly 100-SMA) and 133.70 levels.
EUR at risk of collision between Greece and its International creditors
The shared currency may come under pressure as the Greek PM’s anti-bailout plan won was approved by the parliament yesterday. The plan, which aims to roll back the austerity measures agreed by the previous PM is unlikely to be accepted as it is by the Eurogroup members. Moreover, a failure to reach a deal would mean Greece would not get the last 1.8 billion euro loan installments, leaving it at risk of a default.
The gains seen in the pair have been largely driven by a sharp rise in the USD/JPY pair since FRiday’s better-than-expected Non-farm payrolls figure. The USD/JPY pair rose from 117.20 levels to the current level of 119.52. Meanwhile, the EUR/ pair remains largely unchanged around 1.13 levels.
EUR/JPY Technical Levels
The pair has an immediate resistance at 135.79 (Jan. 21 low) and 136.17 levels. On the flip side, support is seen at 134.15 (hourly 100-SMA) and 133.70 levels.