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16 Apr 2013
Forex: EUR/JPY approaching highs after EMU and Germany data
FXstreet.com (Barcelona) - The EUR/JPY is currently quoting at 127.69 (+1.23% on the day) after finding support 127.20/25 area following a test of the 128.00 handle on the European opening. The cross is climbing back the chart after the release of EMU CPI and the German economic sentiment survey by ZEW.
The Consumer Price Index in the Eurozone came in line with expectations, at 1.2% (MoM) and 1.7% (YoY) in March, while Core data rose from 1.3% to 1.5%, beating 1.4% consensus. The ZEW survey showed a decline in EMU economic sentiment, from 33.4 to 23.9 in April. In Germany, economic sentiment disappointed the market, falling from 48.5 to 36.3, below the expected 42.0. Current situation wasn’t good either, dropping from 13.6 to 9.2, below 12.0 consensus.
Commerzbank analysts expect the 20 and 55 day ma at 124.34/12 to hold the cross as support, while “recovery from here would target initially 131.12 – last week’s high en route to our target 136.71 (upside measurement from a wedge)”, wrote analyst Karen Jones.
The Consumer Price Index in the Eurozone came in line with expectations, at 1.2% (MoM) and 1.7% (YoY) in March, while Core data rose from 1.3% to 1.5%, beating 1.4% consensus. The ZEW survey showed a decline in EMU economic sentiment, from 33.4 to 23.9 in April. In Germany, economic sentiment disappointed the market, falling from 48.5 to 36.3, below the expected 42.0. Current situation wasn’t good either, dropping from 13.6 to 9.2, below 12.0 consensus.
Commerzbank analysts expect the 20 and 55 day ma at 124.34/12 to hold the cross as support, while “recovery from here would target initially 131.12 – last week’s high en route to our target 136.71 (upside measurement from a wedge)”, wrote analyst Karen Jones.