EUR/JPY rejected at 140.70

FXStreet (Mumbai) – EUR/JPY resumes its upbeat momentum in the European session, snapping a brief reversal seen in the previous session, mainly driven by yen weakness versus the US dollar ahead of NFP due later in the US session. While broadly stronger euro also provides further boost to the cross.

EUR/JPY extends its winning streak

Currently, the EUR/JPY pair trades 0.58 higher at 140.56, easing-off 140.70 session highs. EUR/JPY firmed during the European session as the yen continues to lose versus the greenback following upbeat US macro fundamentals released earlier this week.

The EUR/JPY cross also climbs higher on rising shared currency supported by better than expected German factory orders data and soaring yields across the Euro area economies.

Meanwhile, markets now turn their focus towards the crucial US non-farm payrolls data which is likely to be the main market mover today, having major impact on the US dollar, eventually on the cross as well.

EUR/JPY Technical Levels

To the upside, the next resistance is located at 140.94 (Week ended Jan 11 High) levels and above which it could extend gains 141.50 levels. To the downside immediate support might be located at 139.40 (Today’s Low) below that at 139 levels.

EUR/JPY resumes its upbeat momentum in the European session, snapping a brief reversal seen in the previous session, mainly driven by yen weakness versus the US dollar ahead of NFP due later in the US session. While broadly stronger euro also provides further boost to the cross.

(Market News Provided by FXstreet)