9 Jul 2015
EUR/JPY trims gains, back below 134
FXStreet (Mumbai) - EUR/JPY swung between gains and losses in the European session, finally clinging to gains near 134 handle, largely driven by weakening yen versus the US dollar as risk-appetite returns to market.
EUR/JPY back above 100-DMA
Currently, the EUR/JPY pair trades 0.14% higher at 133.88, retracing from session lows posted at 133.46. The cross shed partial gains, although remains lifted below 134 barrier as broad yen weakness continues to overweigh the losses seen in EUR/USD.
Demand for safe-haven assets eased after a strong rebound in Shanghai mitigated China's equity market contagion. Greek officials are expected to present their latest proposals to creditors today for consideration before a summit on Sunday, which adds to EUR investors’ optimism, capping the upside.
EUR/JPY Technical Levels
To the upside, the next resistance is located at 134.89 (July 8 High) levels and above which it could extend gains 135 levels. To the downside immediate support might be located at 133.46 (Today’s Low) below that at 133.31 (July 8 Low) levels.
EUR/JPY back above 100-DMA
Currently, the EUR/JPY pair trades 0.14% higher at 133.88, retracing from session lows posted at 133.46. The cross shed partial gains, although remains lifted below 134 barrier as broad yen weakness continues to overweigh the losses seen in EUR/USD.
Demand for safe-haven assets eased after a strong rebound in Shanghai mitigated China's equity market contagion. Greek officials are expected to present their latest proposals to creditors today for consideration before a summit on Sunday, which adds to EUR investors’ optimism, capping the upside.
EUR/JPY Technical Levels
To the upside, the next resistance is located at 134.89 (July 8 High) levels and above which it could extend gains 135 levels. To the downside immediate support might be located at 133.46 (Today’s Low) below that at 133.31 (July 8 Low) levels.