EUR/JPY Stays Below 123 Despite Upward Revision of Eurozone Inflation
Upward revision of Eurozone HICP inflation has failed to strengthen the bid tone around EUR, leaving the EUR/JPY cross below 123.00 handle.
Supported by 122.72
Cross
fell to a low of 122.72 before recovering to just above 123.00 levels
ahead of the data release. Eurostat data released today carried an
upward revision to the HICP inflation (to unchanged from -0.1%).
However, this has not helped EUR/JPY gain ground, especially since Yen
has turned the tables on the US dollar.
Ahead in the day, USD/JPY performance and US data releases – CPI, weekly initial jobless claims – would influence the pair.
EUR/JPY Technical Levels
The
pair is trading around 122.88 levels. A break below immediate support
at 122.72 (daily low) would expose 122.06 (Feb last week low). On the
other hand, a break above 123.46 (hourly 50-MA) would open doors for a
re-test of 124.29 (hourly 200-MA).
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