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11 Dec 2014
EUR/JPY gains capped at 50-day SMA
FXStreet (MUmbai) - The Japanese yen lost momentum against the Euro on weaker Japanese data and as markets shift focus to upcoming Japan’s snap election this weekend.
Currently, the EUR/JPY pair trades at 147.12 levels, up 0.29%, compared to yesterday’s close of 146.63. The Japanese yen remains pressured against the single currency after upcoming Japanese snap elections raised expectations of higher probabilities of Prime Minister Shinzo Abe’s victory, which may bring along an easy monetary policy regime which is likely to weaken the home currency.
Meanwhile, worse-than expected fall in machine orders in Japan may also weigh on the yen.
EUR/JPY Technical Levels
To the upside, the next resistance is located at 147.28 (Nov 27 High), above which it could extend gains to 148.25 (Dec 2 High) and from here to 148.97 (Dec 4 High) levels. To the downside, immediate support might be located at 146.71 (Nov 28 Low) and below that at 146.38 (Nov 27 Low) and 145.80 levels.
Currently, the EUR/JPY pair trades at 147.12 levels, up 0.29%, compared to yesterday’s close of 146.63. The Japanese yen remains pressured against the single currency after upcoming Japanese snap elections raised expectations of higher probabilities of Prime Minister Shinzo Abe’s victory, which may bring along an easy monetary policy regime which is likely to weaken the home currency.
Meanwhile, worse-than expected fall in machine orders in Japan may also weigh on the yen.
EUR/JPY Technical Levels
To the upside, the next resistance is located at 147.28 (Nov 27 High), above which it could extend gains to 148.25 (Dec 2 High) and from here to 148.97 (Dec 4 High) levels. To the downside, immediate support might be located at 146.71 (Nov 28 Low) and below that at 146.38 (Nov 27 Low) and 145.80 levels.