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24 Feb 2015
EUR/JPY capped at 5-DMA after German GDP data
FXStreet (Mumbai) - The gains in the EUR/JPY pair were restricted at the 5-DMA located at 135.18 after the data in the Germany showed the economy gained momentum in the fourth quarter.
EUR/JPY: Sits above 23.6% Fib level
The pair is trading well above the 23.6% Fib retracement (of down trend 149.76-130.13) located at 134.75. Moreover, the pair gained in anticipation of an upbeat German GDP data, which did show the economy expanded 1.6% year-on-year, matching the estimate, and bettering the previous quarter’s 1.2% growth rate. Consequently, the gains were capped at the 5-DMA as an upbeat data was already priced-in by the markets.
The attention now shifts to the Eurozone CPI data, which is likely to show price pressures declined further in January.
EUR/JPY Technical Levels
At the moment, the pair is trading at 135.13; 0.34% higher. The immediate resistance is seen at 135.18 (5-DMA & 10-DMA), above which the pair could test 136.00 levels. On the flip side, support is seen at 134.75 and 133.92 levels.
EUR/JPY: Sits above 23.6% Fib level
The pair is trading well above the 23.6% Fib retracement (of down trend 149.76-130.13) located at 134.75. Moreover, the pair gained in anticipation of an upbeat German GDP data, which did show the economy expanded 1.6% year-on-year, matching the estimate, and bettering the previous quarter’s 1.2% growth rate. Consequently, the gains were capped at the 5-DMA as an upbeat data was already priced-in by the markets.
The attention now shifts to the Eurozone CPI data, which is likely to show price pressures declined further in January.
EUR/JPY Technical Levels
At the moment, the pair is trading at 135.13; 0.34% higher. The immediate resistance is seen at 135.18 (5-DMA & 10-DMA), above which the pair could test 136.00 levels. On the flip side, support is seen at 134.75 and 133.92 levels.