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23 Apr 2015
EUR/JPY drops below 128.00
FXStreet (Mumbai) - The shared currency came under pressure on disappointing German preliminary PMI reports, thereby pushing the EUR/JPY pair below 128.00 levels.
Supported by 10-DMA
At the moment, the pair is being supported by its 10-DMA located at 127.94 levels. The EUR was offered after the preliminary reports showed German Manufacturing PMI cooled down to 51.9 from 52.8 in March, while the services PMI cooled down to 54.4 from 55.4 in March. Both the data missed the consensus estimates.
Ahead in the day, the investors shall watch out for the preliminary Eurozone PMI report, which is expected to show an uptick in the private sector activity.
EUR/JPY Technical Levels
The immediate support is seen at 127.94 (10-DMA), under which losses could be extended to 127.42 levels. On the flip side, a break above 128.72 could see the pair re-test 129.00-129.50 levels.
Supported by 10-DMA
At the moment, the pair is being supported by its 10-DMA located at 127.94 levels. The EUR was offered after the preliminary reports showed German Manufacturing PMI cooled down to 51.9 from 52.8 in March, while the services PMI cooled down to 54.4 from 55.4 in March. Both the data missed the consensus estimates.
Ahead in the day, the investors shall watch out for the preliminary Eurozone PMI report, which is expected to show an uptick in the private sector activity.
EUR/JPY Technical Levels
The immediate support is seen at 127.94 (10-DMA), under which losses could be extended to 127.42 levels. On the flip side, a break above 128.72 could see the pair re-test 129.00-129.50 levels.