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13 Mar 2015
EUR/JPY retreats from lows post German data
FXStreet (Mumbai) - EUR/JPY fell further in to red in the European morning, shrugging off above estimates German WPI data as Greece woes returns to markets weighing on the shared currency.
EUR/JPY rejected at 129 handle
Currently, the EUR/JPY cross traded lower by 0.50% at 128.60 levels, witnessing a sharp drop to fresh session lows at 128.37. The cross in EUR/JPY remained weak after the euro lost ground against the yen amid re-emergence of Greece uncertainties as Greece's Prime Minister Alexis Tsipras is due to meet with European Parliament President Martin Schulz and European Commission President Jean-Claude Juncker.
Moreover, upbeat German WPI numbers failed to lift the cross. German Wholesale Price Index rose by 0.5% in February against a drop of -0.2% in January on month-on-month basis. On the JPY-side of the story, losses in the cross were cushioned on a weaker yen amid a broad based US dollar strength.
EUR/JPY Levels to consider
To the upside, the next resistance is located at 129 and above which it could extend gains to at 129.97 levels. To the downside immediate support might be located at 128 levels below that at 127.60 levels.
EUR/JPY rejected at 129 handle
Currently, the EUR/JPY cross traded lower by 0.50% at 128.60 levels, witnessing a sharp drop to fresh session lows at 128.37. The cross in EUR/JPY remained weak after the euro lost ground against the yen amid re-emergence of Greece uncertainties as Greece's Prime Minister Alexis Tsipras is due to meet with European Parliament President Martin Schulz and European Commission President Jean-Claude Juncker.
Moreover, upbeat German WPI numbers failed to lift the cross. German Wholesale Price Index rose by 0.5% in February against a drop of -0.2% in January on month-on-month basis. On the JPY-side of the story, losses in the cross were cushioned on a weaker yen amid a broad based US dollar strength.
EUR/JPY Levels to consider
To the upside, the next resistance is located at 129 and above which it could extend gains to at 129.97 levels. To the downside immediate support might be located at 128 levels below that at 127.60 levels.