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EUR/JPY drops to 5-DMA after German data

FXStreet (Mumbai) - The weak German factory orders data figure strengthened the offered tone around EUR/JPY and pushed it lower to its 5-DMA located at 134.43.

Rejected at 200-DMA

The pair was rejected earlier today at its 200-DMA located at 134.83 levels. The German factory orders dropped 1.8% in August, missing the estimate of a 0.5% gain.

Meanwhile, the US index futures are trading moderately in the red, which is pushing JPY higher in early Europe. The treasury yields have weakened as well, lending support to the JPY. The EUR/JPY cross has managed to stay around 134.43, although losses may be extended further in case the European equities turn risk averse.

EUR/JPY Technical Levels

At 134.47, the immediate support is seen at 134.43 (5-DMA), under which the pair could target 134.00 levels. On the other side, resistance is seen at 134.83 (200-DMA) and 135.38 (Sep 25 high).

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