FXStreet (Mumbai) – The EUR/JPY pair is trading in the sideways manner around the 130.00 handle ahead of the Eurozone PMI and German employment and PMI data releases.
Stuck in a range
The cross finds itself stuck largely in the range of 129.70-130.40 since Friday. The upside is being restricted by the expectations of fresh easing from the ECB and the resulting drop in German yields. Meanwhile, the resilience in the stock markets in the face of the increased odds of Fed tightening has kept the JPY under pressure.
The traders are now eyeing German and Eurozone PMI figure and German employment data.
EUR/JPY Technical Levels
The immediate resistance is located at 130.03 (hourly 50-MA), above which the pair could target 130.54 (hourly 200-MA). On the other side, a break below 129.67 (Nov 27 low) would expose 129.00 handle.
(Market News Provided by FXstreet)