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4 May 2015
EUR/JPY dips ahead of Eurozone PMI reports
FXStreet (Mumbai) - The EUR/JPY fell to a session low of 134.09, ahead of the data in the Eurozone which is expected to show manufacturing activity in the Eurozone remained in the expansive territory in April.
EUR/JPY: Rejected at 134.71
The pair turned lower after running into fresh bids at 134.71 as investors await the German and Eurozone PMI reports. The consensus estimates call for the manufacturing PMI to have stayed unchanged at 51.9 in both Germany and Eurozone. A weaker-than-expected print risks ending the 5-day rally in the pair. Meanwhile, the Yen may receive support from signs of weakness in the major European equities.
EUR/JPY Technical Levels
The immediate resistance is located at 134.71, above which the pair could test Friday’s high of 135.27. On the flip side, a break below 133.88 (5-DMA), could drive the pair lower to 133.00 levels.
EUR/JPY: Rejected at 134.71
The pair turned lower after running into fresh bids at 134.71 as investors await the German and Eurozone PMI reports. The consensus estimates call for the manufacturing PMI to have stayed unchanged at 51.9 in both Germany and Eurozone. A weaker-than-expected print risks ending the 5-day rally in the pair. Meanwhile, the Yen may receive support from signs of weakness in the major European equities.
EUR/JPY Technical Levels
The immediate resistance is located at 134.71, above which the pair could test Friday’s high of 135.27. On the flip side, a break below 133.88 (5-DMA), could drive the pair lower to 133.00 levels.