EUR/JPY continues to recover after IFO data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 24, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Mumbai) - The EUR/JPY pair extended the recovery off lows to 130.60 after the German IFO indices in November printed higher than estimates.

    EUR supported by weak stocks

    The shared currency found support from the drop in the European stock markets. Consequently, the EUR/JPY pair recovered from the low of 130.36 levels to 130.45. The recovery was extended further to 130.60 after the German IFO – Expectations, Business Climate, and Current Assessment – blew past expectations.

    Later today, the US Q3 GDP could affect the overall market sentiment and influence the EUR/JPY cross. The common currency could remain on a positive footing in case the risk-off in Europe hits US shores.

    EUR/JPY Technical Levels

    At 130.60, the immediate resistance is located at 130.74 (hourly 50-MA), above which gains could be extended to 131.00. On the other side, support is seen at 130.35 (daily low) and 135.00 levels.
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