FXStreet (Mumbai) - The cross in the EUR/JPY extends its upward streak for the third straight session on Wednesday, mainly driven by persisting yen weakness versus the European currency after significant pick-up in risk sentiment.
EUR/JPY rises from 134.25
Currently, the EUR/JPY pair trades 0.46% higher at 134.83, easing-off fresh one-week highs reached at 135.03. The EUR/JPY cross continues to march higher as the yen remains supressed on expectations of further easing BOJ especially after the latest Chinese government intervention in yet another effort to boost its ailing economy.
Moreover, stabilizing global equities buoyed the sentiment around the US dollar, with the Japanese yen suffering the most as compared to the shared currency.
Looking ahead, markets continue to monitor the developments in China and the moves in the European equities for further momentum on the cross.
EUR/JPY Technical Levels
To the upside, the next resistance is located at 135.03 (Today’s High) levels and above which it could extend gains 135.40 (Sept 3 High) levels. To the downside immediate support might be located at 134.21 (Today’s Low) below that at 133.76 (July 10 Low) levels.
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