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15 May 2014
EUR/JPY pressured ahead of EZ data
FXStreet (Córdoba) - The EUR/JPY fell to fresh 2 ½-month lows as the euro is facing selling pressure at the beginning of the European session.
No major news to trigger the move, although a Spanish newspaper reporting the ECB want to cut lending rate to 0.15% or 0.10% (presently 0.25%) and also lower deposit rate to -0.25% (presently flat) might be helping to drag the euro lower.
The EUR/JPY broke below the 139.45 area, accelerating to its lowest level since early March at 139.16 before finding some support. At time of writing, the pair is trading at 139.20, recording a 0.37% loss on the day. Next on tap, the EZ will release Q1 GDP and April CPI figures.
EUR/JPY technical levels
In terms of technical levels, if the EUR/JPY falls below 139.14 (Mar 3 low), it could find next supports at 139.00 (psychological level) and 138.78 (Feb 28 low). On the other hand, resistances on bounces could be found at 139.85 (May 15 high), 140.00 (psychological level) and 140.26 (May 14 high).
No major news to trigger the move, although a Spanish newspaper reporting the ECB want to cut lending rate to 0.15% or 0.10% (presently 0.25%) and also lower deposit rate to -0.25% (presently flat) might be helping to drag the euro lower.
The EUR/JPY broke below the 139.45 area, accelerating to its lowest level since early March at 139.16 before finding some support. At time of writing, the pair is trading at 139.20, recording a 0.37% loss on the day. Next on tap, the EZ will release Q1 GDP and April CPI figures.
EUR/JPY technical levels
In terms of technical levels, if the EUR/JPY falls below 139.14 (Mar 3 low), it could find next supports at 139.00 (psychological level) and 138.78 (Feb 28 low). On the other hand, resistances on bounces could be found at 139.85 (May 15 high), 140.00 (psychological level) and 140.26 (May 14 high).