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EUR/JPY trades above 147.00

FXStreet (Mumbai) - The single currency extended gains against the Japanese Yen today, as the markets continue to bash yen post the announcement of delay in the sales tax hike by Prime Minister Abe yesterday.

The EUR/JPY traded 0.57% higher at 147.25 levels at the time of writing, compared to the previous session’s close of 146.52. The Yen came under pressure as the decision to delay the sales tax hike in Japan was read as supportive for risk-on sentiment. Moreover, PM Abe also called an early election to seek a fresh mandate for his economic strategy.

Meanwhile, the single currency gained strength after the German Zew survey data released yesterday showed a sharp rise in the economic sentiment.

EUR/JPY Technical Levels

The pair has an immediate support located at 146.70, under which the losses could be extended to 146.00 levels. Meanwhile, a strong resistance is seen at 149.25 levels (Aug 2007 low).

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