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28 Jan 2015
EUR/JPY inches higher ahead of the German data
FXStreet (Mumbai) - The single currency is extending gains against the Japanese Yen for the third consecutive session ahead of the German unemployment data.
EUR/JPY trades above 134.00
The pair is trading at 134.15; up 0.05% for the day after having recovered from the low of 133.69. The single currency has been witnessing a technical correction across the board amid extreme bearish positioning. On the other hand, the nervousness in the equity markets is likely to keep losses in the Yen under check.
The markets now await German data, which is likely to show the number of people unemployed dropped by 10K in January, while the unemployment rate remained unchanged at 6.5%. Later today, German preliminary CPI reading and consumer confidence number is also due for release.
EUR/JPY Technical Levels
The pair has just breached the resistance located at 134.13 (Oct. 16 low) and is on its way to test the 10-DMA located at 134.52 levels. Meanwhile, support is seen at 133.50 and 132.85 (5-DMA) levels.
EUR/JPY trades above 134.00
The pair is trading at 134.15; up 0.05% for the day after having recovered from the low of 133.69. The single currency has been witnessing a technical correction across the board amid extreme bearish positioning. On the other hand, the nervousness in the equity markets is likely to keep losses in the Yen under check.
The markets now await German data, which is likely to show the number of people unemployed dropped by 10K in January, while the unemployment rate remained unchanged at 6.5%. Later today, German preliminary CPI reading and consumer confidence number is also due for release.
EUR/JPY Technical Levels
The pair has just breached the resistance located at 134.13 (Oct. 16 low) and is on its way to test the 10-DMA located at 134.52 levels. Meanwhile, support is seen at 133.50 and 132.85 (5-DMA) levels.