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EUR/JPY stays below 123 despite upward revision of Eurozone inflation

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 14, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    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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