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FXStreet (Mumbai) - The shared currency is being big higher ahead of the German IFO data, taking the EUR/JPY pair higher to its 50-DMA located at 129.80.
Fourth consecutive session of gains
The pair has inched higher for the fourth consecutive session as the single currency continues to recover on diminishing threat of Greece default. Though a breakthrough deal is not expected at the Eurogroup meeting today, the markets expect the Can would be kicked down the road – Greece could be given a new deadline.
Meanwhile, the pair could also be influenced by the German IFO, which is likely to show an improvement in sentiment indices.
EUR/JPY Technical Levels
The immediate resistance is located at 130.00, above which gains could be extended to 131.28 (Apr. 6 high). On the flip side, a break below 129.30, could drive the pair lower to 128.85 (5-DMA).
