FXStreet (Mumbai) - The cross in the EUR/JPY tries another attempt to recover the opening bearish gap, bouncing-off lows near little ahead of 134 handle, mainly as the yen loses further ground versus the US dollar ahead of the USD GDP data due for release later today.
EUR/JPY rises from 134.12
Currently, the EUR/JPY pair trades -0.29% lower at fresh session highs of 134.52, heading towards 134.92 daily highs. The EUR/JPY managed to recover nearly half its slide as the yen fell further into losses versus the US dollar as the European traders digest the latest Fed Yellen’s hawkish comments along with softer Japan’s CPI print.
On the EUR-side of the story, the shared currency remains undermined versus the greenback, although keeps range around 1.1160 levels, restricting the recovery in the EUR/JPY cross.
EUR/JPY opened with a negative gap of nearly 70 pips as Asian traders reacted to the latest Fed Yellen’s comments, citing that Fed is on track to raise this year. Yellen’s comments sparked a rally in the USD, thus heavily weighing on both the shared currency as well the Japanese yen.
Looking ahead, markets now await fresh incentives from the much awaited US GDP revision due later in the NY session as the European session offers nothing relevant in terms of economic releases.
EUR/JPY Technical Levels
To the upside, the next resistance is located at 134.56 (Today’s High) levels and above which it could extend gains to 135 (Sept 22 High) levels. To the downside immediate support might be located at 134.27 (Today’s Low) below that at 133.97 (Sept 24 Low) levels.
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