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15 Apr 2015
EUR/JPY trades in sideways manner
FXStreet (Mumbai) - The EUR/JPY pair continues to trade around 127.20, as the shared currency, hardly responded to a the German CPI data released a few minutes earlier.
Stuck in the range
The pair has been restricted to a range of 127.00-127.35 since the early Asian session today. The German CPI for March confirmed the initial estimate of 0.3% year-on-year. Thus, the shared currency hardly responded to the CPI data, that lacked surprises.
Meanwhile, the weakness in the Treasury yields, coupled with the disappointing economic data out of China continues to support the Japanese Yen. Consequently, the gains have been capped repeatedly around 127.00-127.35.
EUR/JPY Technical Levels
The immediate resistance is seen at 127.35, above which gains could be extended to 127.61. On the flip side, a break below 127.02 (hourly 50-MA), could drive the pair lower to 126.20 levels.
Stuck in the range
The pair has been restricted to a range of 127.00-127.35 since the early Asian session today. The German CPI for March confirmed the initial estimate of 0.3% year-on-year. Thus, the shared currency hardly responded to the CPI data, that lacked surprises.
Meanwhile, the weakness in the Treasury yields, coupled with the disappointing economic data out of China continues to support the Japanese Yen. Consequently, the gains have been capped repeatedly around 127.00-127.35.
EUR/JPY Technical Levels
The immediate resistance is seen at 127.35, above which gains could be extended to 127.61. On the flip side, a break below 127.02 (hourly 50-MA), could drive the pair lower to 126.20 levels.