22 May 2015
EUR/JPY struggles near 5-DMA
FXStreet (Mumbai) - The EUR/JPY pair ran into offers above its 5-DMA located at 134.78, taking the pair lower to trade at 134.70 after the weak German GDP report hit the wires.
EUR/JPY: Gains capped by weak German GDP
The shared currency has come under slight pressure after the first quarter German GDP report showed economy continued to slow down. Quarter-on-quarter the economy expanded 0.3% - upon price, seasonal and calendar adjustment - in the first quarter of 2015 compared with the 0.7% growth rate in the fourth quarter of 2014.
Ahead in the day, the German IFO readings could influence the pair. In the meantime, the Bank of Japan governor Kuroda’s press conference could also lead to volatility in the Yen pairs.
EUR/JPY Technical Levels
The pair currently trades at 134.66. The immediate support is seen at 134.21, under which losses could be extended to 133.90. On the flip side, a break above 134.78 (5-DMA) could drive the pair higher to 135.27 (10-DMA).
EUR/JPY: Gains capped by weak German GDP
The shared currency has come under slight pressure after the first quarter German GDP report showed economy continued to slow down. Quarter-on-quarter the economy expanded 0.3% - upon price, seasonal and calendar adjustment - in the first quarter of 2015 compared with the 0.7% growth rate in the fourth quarter of 2014.
Ahead in the day, the German IFO readings could influence the pair. In the meantime, the Bank of Japan governor Kuroda’s press conference could also lead to volatility in the Yen pairs.
EUR/JPY Technical Levels
The pair currently trades at 134.66. The immediate support is seen at 134.21, under which losses could be extended to 133.90. On the flip side, a break above 134.78 (5-DMA) could drive the pair higher to 135.27 (10-DMA).