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EUR/JPY ignores German data, awaits Kuroda

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 7, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Mumbai) - The EUR/JPY pair showed little reaction to the weak German industrial production figure as investors await the comments from the Bank of Japan governor Kuroda.

    Supported by hourly 50-MA

    The pair sought support of the hourly 50-MA in early Asian session today and currently trades above the 23.6% retracement of 133.436-135.71 located at 135.178. The German industrial production fell 1.2% m/m in August. However, the pair did not react to the data.

    The focus now shifts to the Bank of Japan Kuroda’s comments. Investors would be interested to know if Kuroda hints at a possible easing at the October meeting or plays down the need to do more.

    EUR/JPY Technical Levels

    At 135.20, the immediate resistance is seen at 135.71 (Oct 5 high), followed by a major hurdle at 135.84 (50-DMA) and 136.37 (100-DMA). On the downside, a re-test of 200-DMA at 134.79 seems likely in case the spot takes out 135.17 (23.6% retracement of 133.436-135.71).
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