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EUR/JPY above 135.00, will it sustain?

FXStreet (Mumbai) - The broad based USD selling in early Europe benefitted the single currency more, thereby pushing the EUR/JPY pair above 135.00, although the move lacked a clear fundamental trigger.

Trades above hourly 50-MA

The pair trades well above its hourly 50-MA at 135.09. The moderate losses in the European stocks may have led to EUR performing better against the USD than its peers. However, the losses in the stocks are moderate and nothing close to a big fall. Thus, it remains to be seen if the impulsive move above 135.00 lasts long or quickly fades put.

The ECB accounts due later today could decide whether the cross extends gains from the current level of 135.28 or falls back below 135.00.

EUR/JPY Technical Levels

The immediate resistance is located at 135.39 (Sep 25 high), above which the pair could rise to 135.82 (50-DMA). On the other side, support is seen at 134.74 (200-DMA), under which the pair could target 134.00, which is followed by a major support at 133.43 (Oct 1 low).

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