FXStreet (Mumbai) – The bid tone around the EUR gathered pace in Europe, pushing the EUR/JPY cross higher for the sixth consecutive session and towards 130.00 handle.
EUR gains as Spanish unemployment drops to post-crisis low
The latest round of buying the EUR appears to have been triggered by a data in Spain, which showed the unemployment dropped to post-crisis low. Meanwhile, the regional CPI data in Germany was mixed and the traders now await the German CPI figure.
Meanwhile, the demand for Yen is down for on account of flat to positive action in the European equities. Consequently, the cross is up 0.27% at 129.60.
EUR/JPY Technical Levels
The immediate resistance is seen at 130.00, above which the pair could test offers at 130.54. A break higher would expose 131.03 (Dec 18 low). On the lower side, 128.94 (daily low) could offer support, which if taken out shall open doors for a slide to 128.44 (5-DMA). A break lower could see the cross test 127.50 (multiple support on the daily chart).
(Market News Provided by FXstreet)