FXstreet.com (Barcelona) - After reaching as high as 97.45, the Euro crossing against the Japanese Yen has been easing towards 97.00 area as Italy’s industrial production and GDP data were released. The pair is still figuring out where to go after seeing published a worse than expected result in Germany factory orders.
June’s factory orders in Germany contracted by -1.7% on the month and the annualized data dropped sharply to -7.8% against expectations of improvement to -2.5%.
The EUR/JPY is still rather static around 97.10 as the market waits for a stronger movement in the chart. “The market has yet to clear 97.76/98.20, (the 50% retracement of the recent leg lower, the 23.6% retracement of the move lower seen in 2012 and the high from the 16th July) and this represents key resistance”, wrote Commerzbank analyst Karen Jones, expecting then a move higher to 101.63, the June high.
June’s factory orders in Germany contracted by -1.7% on the month and the annualized data dropped sharply to -7.8% against expectations of improvement to -2.5%.
The EUR/JPY is still rather static around 97.10 as the market waits for a stronger movement in the chart. “The market has yet to clear 97.76/98.20, (the 50% retracement of the recent leg lower, the 23.6% retracement of the move lower seen in 2012 and the high from the 16th July) and this represents key resistance”, wrote Commerzbank analyst Karen Jones, expecting then a move higher to 101.63, the June high.
