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EUR/JPY tests offers at daily highs after German IFO report

FXStreet (Mumbai) - The EUR/JPY pair ran into offers after rising to daily highs around 134.64 levels after German sentiment indices released by the IFO ticked surprisingly higher in September.

Gains capped by weak current assessment index

The IFO business climate and expectations index surprised markets by ticking higher, although major chunk of the optimism was erased by the current assessment index, which missed expectations to decline in September.

Consequently, the EUR/JPY cross lacked the will to take out 134.64 levels and thus fell back to trade around 134.44 levels.

EUR/JPY Technical Levels

The immediate support is located at 133.97 (hourly 50-MA), under which losses could be extended to 133.15 (Sep 23 low). On the other side, resistance is seen at 134.73 (hourly 100-MA) and 135.00 levels.

German IFO Business Climate index surprises on the upside in Sept

Business sentiment among German investors surprisingly improved in September, shrugging-off the sell-off in the Chinese and global stock markets. The result, however, did not reflect the latest turmoil caused by a false emission scam at the country's auto giant Volkswagen.
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