EUR/JPY turns negative below 129.50

FXStreet (Mumbai) - EUR/JPY bounced-off fresh two-week lows and erased entire gains during the European session after news cross the wires that Euro group leaders stated that chances of Greece reforms closures remain slim and that the reforms list seems incomprehensive.

EUR/JPY await US data for fresh cues

Currently, the EUR/JPY cross trades flat at 129.45 levels, retreating from session lows reached at 129.20 levels on Eurogroup. The cross in EUR/JPY remains treads water, having shaved-off previous gains amid ongoing Greece woes, as markets now await crucial US durable goods orders data to set a clear direction for the cross.

Meanwhile, Euro group Chief Jeroen Dijsselbloem said today, "we had hoped to hear a positive result and an agreement, so we could take a decision...and we are still far from that."

EUR/JPY Levels to consider

To the upside, the next resistance is located at 130.11 and above which it could extend gains to at 130.53 levels. To the downside immediate support might be located at 129 levels below that at 128.20 levels.