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2 Jun 2015
EUR/JPY hits fresh 2-week highs, just shy of 137
FXStreet (Mumbai) - The shared currency prolongs its upward trajectory versus the Japanese yen in the European session, lifting EUR/JPY closer towards 137 handle, mainly driven by broad euro strength after the Euro zone returned to inflation after five months of muted consumer price growth.
EUR/JPY rises from 136.65
Currently, the EUR/JPY pair jumped 0.35% higher at 136.81, quickly retreating from fresh two week highs of 136.90 levels. EUR/JPY witnessed fresh bout of buying largely after the shared currency surged versus the yen on above estimates EZ CPI figures.
The inflation rate in the 19 countries bloc recorded 0.3% growth in May, following the muted reading seen in April. Back then the gauge ended a four-month streak of contraction. Markets had anticipated a 0.2% upturn in May.
However, the upside in EUR/JPY remains capped on a rising yen versus the greenback following mixed set of data releases in the US last session.
Meanwhile, markets now turn their focus towards a couple of US economic releases due to be published later in the day for further incentives.
EUR/JPY Technical Levels
To the upside, the next resistance is located at 136.90 (Today’s High) levels and above which it could extend gains 137.68 levels. To the downside immediate support might be located at 136 below that at 135.38 (May 25 Low) levels.
EUR/JPY rises from 136.65
Currently, the EUR/JPY pair jumped 0.35% higher at 136.81, quickly retreating from fresh two week highs of 136.90 levels. EUR/JPY witnessed fresh bout of buying largely after the shared currency surged versus the yen on above estimates EZ CPI figures.
The inflation rate in the 19 countries bloc recorded 0.3% growth in May, following the muted reading seen in April. Back then the gauge ended a four-month streak of contraction. Markets had anticipated a 0.2% upturn in May.
However, the upside in EUR/JPY remains capped on a rising yen versus the greenback following mixed set of data releases in the US last session.
Meanwhile, markets now turn their focus towards a couple of US economic releases due to be published later in the day for further incentives.
EUR/JPY Technical Levels
To the upside, the next resistance is located at 136.90 (Today’s High) levels and above which it could extend gains 137.68 levels. To the downside immediate support might be located at 136 below that at 135.38 (May 25 Low) levels.