The offered tone around JPY weakened on uptick in European stocks, making way for a corrective rally in EUR/JPY cross.
PMI and German bond yields support EUR
A better-than-expected Eurozone and German manufacturing PMI helped EUR extend gains against JPY. The German bond yields also advanced despite speculation of more aggressive ECB easing. Consequently, the cross rose above 123.00 levels.
Ahead in the day, the spot remains at the mercy of the action in the European and US stock markets and German bond yields.
EUR/JPY Technical Levels
The cross currently sits above 123.00. The immediate hurdle is seen at 123.44 (hourly 50-MA), above which the gains could be extended to 123.65 (hourly 100-MA). On the other hand, a breakdown of immediate support at 122.74 (hourly 5-MA) would expose major support at 122.05 (daily low).
(Market News Provided by FXstreet)
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