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EUR/JPY turns higher after three day losing streak

FXStreet (Mumbai) - The offered tone on the JPY gathered pace in early Europe, pushing the EUR/JPY pair higher to 133.85 levels.

Focus on EZ PMIs

The investors await the Eurozone preliminary PMI numbers which could set the stage for Draghi to hint at further easing at his quarterly hearing in Brussels. The China data released earlier today added to the evidence of the slowdown in the economy and pushed the European equity futures lower.

Consequently, the bid tone on the EUR is on the recovery in early Europe. The pair suffered losses in the previous two trading sessions on the back of risk aversion and a rise in the Fed rate hike bets.

EUR/JPY Technical Levels

The immediate resistance is located at 134.00, above which the pair could rise to 135.36 (200-DMA). On the other side, support is seen at 133.15 (daily low), under which the pair could fall back to 132.22 (Sep 4 low).

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