Investing.com – The euro surged to a 2-day high against the yen on Wednesday, snapping a 4-day losing streak, as risk appetite sharpened following better-than-expected euro zone economic data.
EUR/JPY hit 114.69 during European morning trade, the pair’s highest since October 11; the pair subsequently consolidated at 114.48, surging 0.60%.
The pair was likely to find support at 112.84, Tuesday’s low and resistance at 115.66, the high of October 7 and a 5-month high.
Earlier in the day, official data showed that industrial production in the euro zone rose more-than-expected in August. The report supported remarks by European Central Bank Governing Council member Axel Weber, who said Tuesday that the risk of recession in Europe is “negligible” and the central bank should stop its bond-purchase program.
The euro was also up against the U.S. dollar, with EUR/USD advancing 0.42% to hit 1.3984.
Also Wednesday, official data showed that Japanese core machinery orders jumped unexpectedly in August.
EUR/JPY hit 114.69 during European morning trade, the pair’s highest since October 11; the pair subsequently consolidated at 114.48, surging 0.60%.
The pair was likely to find support at 112.84, Tuesday’s low and resistance at 115.66, the high of October 7 and a 5-month high.
Earlier in the day, official data showed that industrial production in the euro zone rose more-than-expected in August. The report supported remarks by European Central Bank Governing Council member Axel Weber, who said Tuesday that the risk of recession in Europe is “negligible” and the central bank should stop its bond-purchase program.
The euro was also up against the U.S. dollar, with EUR/USD advancing 0.42% to hit 1.3984.
Also Wednesday, official data showed that Japanese core machinery orders jumped unexpectedly in August.