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6 Aug 2015
EUR/JPY better bid above 136 on German data
FXStreet (Mumbai) - The European currency continues to outperform the Japanese yen for the second straight session on Thursday, sending EUR/JPY beyond 136 levels, as stronger than expected German factory orders boosted the single currency across the board.
EUR/JPY rises from 136.04
Currently, the EUR/JPY pair trades 0.12% higher at 136.33, retracing from fresh session highs reached at 136.48 on the data release. The cross in the EUR/JPY trades higher largely on the back of rising EUR/USD, which was further lifted by upbeat German data.
Industrial orders in the euro area's number one economy grew 2.0% in June, measured on a monthly and seasonally adjusted basis, while analysts had expected the reading to post a mere 0.1% growth.
However, the upside remains capped due to slightly higher yen versus the greenback, correcting heavy losses seen on Wednesday following impressive US services data.
In the day ahead, the cross will be influenced by US weekly jobless claims in absence of significant EUR data during the European session.
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EUR/JPY Technical Levels
To the upside, the next resistance is located at 136.48 (Today’s High) levels and above which it could extend gains 136.99 (July 28 High) levels. To the downside immediate support might be located at 135.49 (July 30 Low) below that at 135.24 (July 14 Low) levels.
EUR/JPY rises from 136.04
Currently, the EUR/JPY pair trades 0.12% higher at 136.33, retracing from fresh session highs reached at 136.48 on the data release. The cross in the EUR/JPY trades higher largely on the back of rising EUR/USD, which was further lifted by upbeat German data.
Industrial orders in the euro area's number one economy grew 2.0% in June, measured on a monthly and seasonally adjusted basis, while analysts had expected the reading to post a mere 0.1% growth.
However, the upside remains capped due to slightly higher yen versus the greenback, correcting heavy losses seen on Wednesday following impressive US services data.
In the day ahead, the cross will be influenced by US weekly jobless claims in absence of significant EUR data during the European session.
Register to the live coverage and trade the NonFarm Payrolls with Bednarik, Pinkert and Elam. We are Forex!
EUR/JPY Technical Levels
To the upside, the next resistance is located at 136.48 (Today’s High) levels and above which it could extend gains 136.99 (July 28 High) levels. To the downside immediate support might be located at 135.49 (July 30 Low) below that at 135.24 (July 14 Low) levels.