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EUR/JPY nose-dives to 130.30 on EMU data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 2, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Edinburgh) - The downside pressure around the euro is gathering further traction on Wednesday, dragging EUR/JPY to fresh lows near 130.30.

    EUR/JPY softer following CPI figures

    The cross is suffering the softer than expected results from the inflation figures in the euro area during November, where headline CPI rose at an annual pace of 0.1% vs. 0.2% forecasted and Core CPI has ticked lower to 0.9% YoY vs. 1.0% initially estimated and October’s 1.1%.

    The euro will remain under pressure ahead in the session, as the ADP report is due later (190K exp.) followed by the speech by Fed’s Chief J.Yellen, all preceding the key ECB meeting due tomorrow.

    EUR/JPY significant levels

    The cross is down 0.20% at 130.37 and a break below 129.72 (low Nov.25) would open the door to 126.85 (low Mar.13) and finally 126.05 (low Apr.14). On the other hand, the next hurdle lines up at 132.25 (high Nov.19) ahead of 133.23 (high Nov.6) and then 133.44 (55-day sma).
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