EUR/JPY likely to test 135.90 this week – FXStreet

FXStreet (Barcelona) - FXStreet Editor and Analyst, Dhwani Mehta, views that EUR bulls are likely to push the EUR/JPY pair higher towards 135.92 levels on a break above 134.74.

Key Quotes

“EUR/JPY edged higher during the European session, moving away from weekly lows around 133.50 levels, after the euro was boosted versus the yen, after the euro zone CPI for February and the jobless rate for January came out above expectations.”

“EUR/JPY currently trades at 134.40 levels, 0.37% higher on the day, having posted day’s low at 133.68 and day’s high at 134.47 levels.”

“Technically, the cross seems well placed above 133.50 levels, from where EUR/JPY has rebounded to the upside on several occasions, forming a key support zone.”

“The cross is on its way to test weekly 5‐ SMA located 134.74 levels. A break above that level, EUR bulls are likely to pierce through 135 handle and extend further to test weekly 10‐SMA at 135.92 levels.”

“On the other hand, a failure to breach 135 handle, the pair may bounce‐back lower to once again test 133.50 levels and below that doors would open for a test of 132 levels.”