FXStreet (Mumbai) – The EUR continues its correction across the board, taking the EUR/JPY to a session high of 132.48 following an upbeat economic data release.
EUR supported by data, oversold technical factors
The Eurozone economic sentiment index for October beat the estimates to print 105.9. Meanwhile, Germany reported a bigger drop in the number of unemployed citizens. The data triggered a technical correction, which pushed the pair near 132.50 levels.
The pair shed more than 500-pips in the last week or so, leaving it oversold on the technical charts. The focus now would be on the Bank of Japan rate decision due tomorrow.
EUR/JPY Technical Levels
The immediate resistance is seen at 132.72 (hourly 50-MA), above which the cross could rise to 133.15 (hourly 100-MA). On the other side, support is seen at 131.58 (daily low) and 131.25 (100% exp of June high-Jul low-Aug high).
(Market News Provided by FXstreet)