EUR/JPY Finds Support Near 123 Handle, EZ Data Eyed
The EUR/JPY cross
keeps losses in early Europe, although stages a minor-bounce from near
123 handle as the yen’s relative weakness aids the recovery.
EUR/JPY bounces-off a dip below 123 handle
The EUR/JPY pair now drops -0.23% to 123.22, having found solid support
just ahead of 123 barrier over the past couple of hours. The cross in
the EUR/JPY remains under pressure, as the weakness in the EUR/USD pair
overshadows a moderately higher USD/JPY.
The cross attempts recovery, although remains vulnerable as the common
currency remains under pressure ahead of the Euro zone CPI data, with
markets expecting the core figures to soften in March. While the key
risk event for today remains the FOMC April meeting minutes.
EUR/JPY Levels to consider
The pair has an immediate resistance at 124/124.18 (round number/ May 17
High) and from there to 124.42 (50-DMA). On the flip side, support is
seen at 123/122.96 (round number/ daily low/) below which it could
extend losses to towards 121.88 (May 9 Low).
