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16 Apr 2015
EUR/JPY drops below 127.50
FXStreet (Mumbai) - The shared currency is being offered in the early European session, taking the EUR/JPY pair below 127.50 levels.
Major part of gains erased
The pair has erased major part of its gains as it trades at 127.28, after having declined from the high of 127.84 levels. Ongoing Greece concerns are weighing over the single currency. Meanwhile, the Japanese Yen remains supported by the disappointing economic data out of the three major economies – US, China and Germany from the start of the current week. Given the absence of a major market moving data out of the Eurozone today, the pair is likely to move in line with the overall market sentiment.
EUR/JPY Technical Levels
The immediate resistance is seen at 1287.84, above which gains could be extended to 128.29 (10-DMA). On the flip side, a break below 127.21 (5-DMA), could push the pair lower to 126.49 (Apr. 13 low).
Major part of gains erased
The pair has erased major part of its gains as it trades at 127.28, after having declined from the high of 127.84 levels. Ongoing Greece concerns are weighing over the single currency. Meanwhile, the Japanese Yen remains supported by the disappointing economic data out of the three major economies – US, China and Germany from the start of the current week. Given the absence of a major market moving data out of the Eurozone today, the pair is likely to move in line with the overall market sentiment.
EUR/JPY Technical Levels
The immediate resistance is seen at 1287.84, above which gains could be extended to 128.29 (10-DMA). On the flip side, a break below 127.21 (5-DMA), could push the pair lower to 126.49 (Apr. 13 low).