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EUR/JPY off 3-week lows, recovers to 133.80

FXStreet (Mumbai) - The EUR/JPY cross received fresh impetus from a slightly better than expectations Euro zone manufacturing PMI numbers, lending support to the minor recovery.

Trades below most major MAs on daily charts

Currently, the EUR/JPY pair loses -0.26% to 136.73, recovering form fresh three-week lows reached at 133.48 in last hours. The cross in the EUR/JPY trimmed losses as the common currency was slightly lifted by the muted pace of growth in the Euro zone flash manufacturing PMI report.

The flash manufacturing PMI for the euro zone stood pat at 52 points in Oct versus 51.8 expectations. While EU services PMI report rose slightly to 54.2 points in Oct, up from 53.7 a month ago and above 53.5 estimates.

However, the cross remains deep in the red on the back of sudden strength in the yen seen in last hours after Japan’s PM adviser Honda said that there is no need for further easing by BOJ now. Meanwhile, focus now remains the FOMC decision and the BOJ policy meeting next week.

EUR/JPY Technical Levels

To the upside, the next resistance lies at 134 (round number), above which it could extend gains to 134.51 (200-DMA).To the downside, the cross finds immediate support at 133.30 (daily S1), below that 133 handle, could act as a major support.

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