FXStreet (Mumbai) – The EUR/JPY pair is back above 130.00 levels in the early Europe as the common currency turned a blind eye towards the weak German retail sales data.
Trades around hourly 50-MA
The cross clocked a high of 130.06, before settling around the hourly 50-MA located at 130.01 levels. An unexpected drop of 0.4% m/m in German retail sales received a lukewarm response from the markets.
The EUR remained resilient, bu the gains are being capped by the demand for Yen amid cautious tone in the Asian equities. Meanwhile, the European futures too are trading on a cautious note. The traders now await the preliminary German CPI number due later today.
EUR/JPY Technical Levels
Above the hourly 50-MA at 130.01, the pair could face an immediate resistance at 130.17 (hourly 100-MA). A brak higher would open doors for 130.71 (hourly 200-MA). On the other hand, support is seen at 129.66 (previous day’s low) and 129.00 levels.
(Market News Provided by FXstreet)