EUR/JPY Attempts Tepid-Bounce to 125, IFO Eyed
The cross in the EUR/JPY is
seen reversing a minor portion of Friday’s rally to fresh two-week
highs and now drops below 125 handle ahead of the German IFO surveys.
EUR/JPY keeps the red ahead of IFO
The EUR/JPY pair now drops -0.40% to 124.90, struggling to take on the recovery from 124.82, session lows. The EUR/JPY cross extends its retreat from two-week highs, largely driven by a strong bout of buying interest seen around the Japanese currency against the US dollar.
While on the other hand , a stronger EUR/USD pair amid broad based US dollar correction helps provide some respite to the EUR/JPY cross. Markets now await the German Ifo data ahead of the US housing data for fresh impetus on the prices amid a holiday-thinned trading session. The OZ markets are closed in observance of Anzac day.
EUR/JPY Levels to consider
The pair has an immediate resistance at 125.53/59 (daily high/ two-week tops) and from there to 125.86/126 (Apr 6 High/ round number). On the flip side, support is seen at 124.67/66 (20 & 5-DMA) below which it could extend losses to towards 124/123.98 (10-DMA)