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EUR/JPY retesting daily highs near 133.80

FXStreet (Mumbai) - The cross in the EUR/JPY is seen picking-up significant pace in the European morning, on the back of sold recovery in USD/JPY while the euro remains little changed versus the greenback following downbeat German and EZ PMIs.

EUR/JPY supported at 133.60

Currently, the EUR/JPY pair trades modestly flat at 133.79, hovering near fresh daily highs reached at 133.88 in last hours. The EUR/JPY cross recovered losses and jumped backed into the bids as the yen gave away gains and turned negative versus the US dollar on fading risk-off sentiment amid rebounding European stocks.

Whilst, the EUR/USD remained muted on the release of Euro zone PMI data as traders now shift their focus towards Draghi’s testimony scheduled later in the NA session for further momentum on the cross.

EUR/JPY Technical Levels

To the upside, the next resistance is located at 133.88 (Today’s High) levels and above which it could extend gains to 134 levels. To the downside immediate support might be located at 133.27 (Sept 22 Low) below that at 132.92 (Sept 9 Low) levels.

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