8 May 2015
EUR/JPY trades near session highs
FXStreet (Mumbai) - The EUR/JPY pair recovered losses to trade near the session high of 134.96, despite a contraction in the German industrial production data highlighted by the official data released earlier today.
Trades above 5-DMA
The pair had dropped earlier today to a low of 134.10, before fresh bids ensured the pair rose back above its 5-DMA located at 134.54 levels. The shared currency is struggling to extend gains above 135.00 levels due to losses in the German yields. The currency pair has been supported by a sharp rise in the German yields in the last eight sessions.
Meanwhile, the currency pair also received support from the Bank of Japan minutes released earlier today, which showed policy makers are concerned about achieving 2% inflation target.
EUR/JPY Technical Levels
The immediate resistance is located at 135.00, above which gains could be extended to 135.98. On the flip side, a break below 134.54 (5-DMA), under which losses could be extended to 133.83 (10-DMA).
Trades above 5-DMA
The pair had dropped earlier today to a low of 134.10, before fresh bids ensured the pair rose back above its 5-DMA located at 134.54 levels. The shared currency is struggling to extend gains above 135.00 levels due to losses in the German yields. The currency pair has been supported by a sharp rise in the German yields in the last eight sessions.
Meanwhile, the currency pair also received support from the Bank of Japan minutes released earlier today, which showed policy makers are concerned about achieving 2% inflation target.
EUR/JPY Technical Levels
The immediate resistance is located at 135.00, above which gains could be extended to 135.98. On the flip side, a break below 134.54 (5-DMA), under which losses could be extended to 133.83 (10-DMA).