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9 Jan 2015
EUR/JPY extends losses on Bearish German Data
FXStreet (Mumbai) - The single currency fell further against the Japanese yen, heading towards eight week lows on increased bets of a Sovereign QE by European Central Bank (ECB) soon after softer German industrial production and trade balance data hurt market sentiments.
Currently, the EUR/JPY pair trades at 140.82 levels, down -0.21% on the day, after having posted day’s low at 140.77 levels some minutes ago. The cross in EUR/JPY remains under pressure after downbeat German data which knocked the pair down to day’s lows levels. Adding to the losses in EUR/JPY, the Japanese yen rebounded against the greenback on dovish comments from the Fed official which pushed the USD lower.
EUR/JPY Levels to consider
To the upside, the next resistance is located at 141.37 (Today’s High) and above which it could extend gains to at 141.73 (Jan 8 High) levels. To the downside immediate support might be located at 140.69 (Jan 5 Low) levels below that at 140.20 levels.
Currently, the EUR/JPY pair trades at 140.82 levels, down -0.21% on the day, after having posted day’s low at 140.77 levels some minutes ago. The cross in EUR/JPY remains under pressure after downbeat German data which knocked the pair down to day’s lows levels. Adding to the losses in EUR/JPY, the Japanese yen rebounded against the greenback on dovish comments from the Fed official which pushed the USD lower.
EUR/JPY Levels to consider
To the upside, the next resistance is located at 141.37 (Today’s High) and above which it could extend gains to at 141.73 (Jan 8 High) levels. To the downside immediate support might be located at 140.69 (Jan 5 Low) levels below that at 140.20 levels.