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13 Apr 2015
EUR/JPY back above 127.00
FXStreet (Mumbai) - The EUR/JPY pair recovered to trade above 127.00 levels, as the single currency witnessed a technical recovery following a sell-off on renewed concerns of Grexit.
EUR/JPY recovers from one month low
The pair had dipped to 126.51, its lowest since mid-march, on renewed fears of Grexit. However, the shared currency witnessed a technical recovery, that was cut short by comments from Koichi Hamada, adviser to Japanese Prime Minister Abe. Hamada said Yen at 105 per USD is appropriate given the purchasing power parity theory.
Hamada’s comments ensured that the technical recovery in the EUR/JPY pair remained capped around 127.20 levels.
EUR/JPY Technical Levels
The immediate resistance is seen at 127.50, above which gains could be extended to 128.03 (5-DMA). On the flip side, a break below 127.00 could see the pair re-test 126.51.
EUR/JPY recovers from one month low
The pair had dipped to 126.51, its lowest since mid-march, on renewed fears of Grexit. However, the shared currency witnessed a technical recovery, that was cut short by comments from Koichi Hamada, adviser to Japanese Prime Minister Abe. Hamada said Yen at 105 per USD is appropriate given the purchasing power parity theory.
Hamada’s comments ensured that the technical recovery in the EUR/JPY pair remained capped around 127.20 levels.
EUR/JPY Technical Levels
The immediate resistance is seen at 127.50, above which gains could be extended to 128.03 (5-DMA). On the flip side, a break below 127.00 could see the pair re-test 126.51.