EUR/JPY little changed on ZEW, around 131.50

FXStreet (Mumbai) – The cross in the EUR/JPY keeps range near 131.50 levels, as the shared currency failed to benefit from the improved economic sentiment in Germany, as reflected by the ZEW surveys.

EUR/JPY recovers from 131.20 lows

Currently, the EUR/JPY pair trades -0.11% lower at 131.47, having posted session lows at 131.20 in early Europe. The cross paid little attention to the upbeat ZEW figures and keeps the red as the euro extends its sell-off across the board.

The ZEW Economic Sentiment Index rose sharply higher to 10.4 points in Nov, beating expectations of a 6.6 rise. While the Current Situation Index came in at 54.4 in November, declining slightly from October’s 55.2.

Meanwhile, the downside in the cross remains capped as the pound recovered losses and regained 1.52 handle against the US dollar after the UK CPI report. Later in the day, the cross will take fresh cues from the US inflation and industrial production data.

EUR/JPY Technical Levels

To the upside, the next resistance lies at 131.79 (Daily high/ 5-DMA), above which it could extend gains to 132 (round number). To the downside, the cross finds immediate support at 131.20 (Daily Low), below that 131.01 (Daily S1), could act as a major support.

The cross in the EUR/JPY keeps range near 131.50 levels, as the shared currency failed to benefit from the improved economic sentiment in Germany, as reflected by the ZEW surveys.

(Market News Provided by FXstreet)