EUR/JPY recover from 5-month lows and rises above 137.00

FXStreet (Córdoba) - The EUR/JPY recovered ground and managed to rise back above 137.00, trimming weekly losses. During the American session climbed to 137.17 and then pulled back toward 137.00.

Before Eurozone economic data the EUR/JPY fell to 136.35, reaching the lowest price since February 4 but then, supported by the PMI numbers and a weak Yen, rebounded to the upside.

EUR/JPY technical outlook

“The hourly chart shows RSI turning lower and pointing for a downward correction, but momentum maintains the bullish tone while price trades between 100 and 200 SMAs”, said Valeria Bednarik, Chief Analyst at FXstreet.