FXStreet (Edinburgh) - After hitting overnight peaks near 135.00 the figure, the upside momentum in EUR/JPY seems to have lost some vigour and is now deflating towards the 134.70 area.
EUR/JPY looks to PMI for direction
Absent releases in the Japanese docket and with traders still digesting the miserable prints from Friday’s Non-farm Payrolls (142K), today’s Services PMIs in Euroland and the upcoming EcoFin and Eurogroup meeting are poised to be the main drivers of the pair’s price action in the near term.
In the meantime, the cross is advancing for the third session in a row, managing to bounce off last week’s troughs in the 133.40 region.
EUR/JPY significant levels
The cross is no up 0.21% at 134.80 facing the next resistance at 134.90 (high Oct.5) ahead of 135.11 (high Sep.29) and finally 136.14 (high Sep.21). On the other hand, a breakdown of 134.41 (low Oct.2) would expose 133.78 (low Oct.1) followed by 133.57 (low Sep.30).
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