EUR/JPY drops to 136.00 after German Zew data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 13, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Mumbai) - The EUR/JPY pair fell to a session low of 136.00 after the German Zew survey figures highlighted the worsening of the sentiment in the Eurozone’s second largest economy.

    Rejected at 100-DMA

    The pair was rejected at its 100-DMA located at 136.45 earlier today following which fresh offers took the pair to 136.00. The German Zew economic sentiment index for October missed estimates big time to print at 1.9.

    The weak data saw the EUR trim gains against most other majors, but suffered losses against the Yen, which has been the beneficiary of the safe haven demand due to the losses in the European equities.

    EUR/JPY Technical Levels

    At 136.13, the immediate resistance is seen at 136.45 (100-DMA), above which the pair could rise to 137.00 levels. A break above the same would open doors for a spike to 137.44 (Sep 17 high). On the other side, support is seen at 135.86 (50-DMA), under which the pair could fall to 135.60 (Oct 6 high) and 135.00 levels.
    For more information, read our latest forex news.

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