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EUR/JPY offered at 200-DMA, European stock futures rally

FXStreet (Mumbai) - The EUR/JPY was offered at its 200-DMA located at 135.08 levels in early Europe, while the major European equity futures rallied more than 1%.

Hovers around hourly 200-MA

The pair’s downside has been protected by the hourly 200-MA located at 134.73 levels. The bid tone on the EUR weakened as the major European equity futures ticked higher. The Euro Stoxx 50 futures advanced 1.6% and the German DAX strengthened 1.5%.

However, the downside in the pair has also been protected by the gains in the European equity futures, since it reduced the demand for the safe haven Yen. Ahead in the day, the pair could be influenced by the Eurozone CPI figure.

EUR/JPY Technical Levels

The immediate support is located at 134.63 (hourly 50-MA), under which the pair could drop to 134.00. On the other side, resistance is seen at 135.08 (200-DMA) and 136.00 (50-DMA).

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