20 Feb 2015
EUR/JPY falls despite upbeat German PMI data
FXStreet (Mumbai) - The EUR/JPY pair fell to an intraday low of 134.39 after the gauge of private sector activity in Germany rose to a seven-month high, although the manufacturing activity index missed the expectations.
EUR/JPY: holds above 76.4% Fib level
The pair recovered slightly from the intraday low to trade above the 76.4% Fib retracement level of the uptrend from 133.92 to 136.21 located at 134.47. Markit German Composite Purchasing Manager’s Index rose to a 7-month high of 54.3, while the Services PMI rose to a 5-month high of 55.5. However, the Manufacturing PMI missed expectations to stay unchanged at 50.9.
Overall, the German PMI data painted an optimistic picture of the German economy, despite which the pair dropped due to caution ahead of the Eurogroup meeting.
EUR/JPY Technical Levels
The pair has an immediate support located at 134.47, under which losses could be extended to 133.92 levels. On the flip side, a break above 134.80 could push the pair higher to 135.07 levels.
EUR/JPY: holds above 76.4% Fib level
The pair recovered slightly from the intraday low to trade above the 76.4% Fib retracement level of the uptrend from 133.92 to 136.21 located at 134.47. Markit German Composite Purchasing Manager’s Index rose to a 7-month high of 54.3, while the Services PMI rose to a 5-month high of 55.5. However, the Manufacturing PMI missed expectations to stay unchanged at 50.9.
Overall, the German PMI data painted an optimistic picture of the German economy, despite which the pair dropped due to caution ahead of the Eurogroup meeting.
EUR/JPY Technical Levels
The pair has an immediate support located at 134.47, under which losses could be extended to 133.92 levels. On the flip side, a break above 134.80 could push the pair higher to 135.07 levels.