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28 Jan 2015
EUR/JPY turns negative
FXStreet (Mumbai) - The EUR/JPY pair fell into losses, snapping a two-day winning streak, after the German import prices declined more than expected in December.
Caution ahead of FOMC
The shared currency weakened after the data showed the German import prices fell 1.5% month-on-month in December. An upbeat German Gfk consumer confidence data could do little to support the drop in the EUR.
Moreover, the fall in the EUR/JPY pair indicates markets have turned cautious ahead of the FOMC meet. The EUR/USD fell sharply to 1.3336; down 0.37%, while the USD/JPY declined from a high of 118.26 to trade 0.10% lower at 117.73 levels. Consequently, the EUR/JPY cross fell to 133.51 levels; down 0.45% for the day.
EUR/JPY Technical Levels
The immediate resistance is located at 133.56 (hourly 100-SMA), above which gains could be extended to 134.34 levels. On the other hand, a break below 133.43 (hourly 50-SMA) shall open doors for 132.86 levels on the downside.
Caution ahead of FOMC
The shared currency weakened after the data showed the German import prices fell 1.5% month-on-month in December. An upbeat German Gfk consumer confidence data could do little to support the drop in the EUR.
Moreover, the fall in the EUR/JPY pair indicates markets have turned cautious ahead of the FOMC meet. The EUR/USD fell sharply to 1.3336; down 0.37%, while the USD/JPY declined from a high of 118.26 to trade 0.10% lower at 117.73 levels. Consequently, the EUR/JPY cross fell to 133.51 levels; down 0.45% for the day.
EUR/JPY Technical Levels
The immediate resistance is located at 133.56 (hourly 100-SMA), above which gains could be extended to 134.34 levels. On the other hand, a break below 133.43 (hourly 50-SMA) shall open doors for 132.86 levels on the downside.