EUR/JPY consolidates above 120.70, eyes on EZ CPI
|The EUR/JPY pair is seen consolidating yesterday’s drop in the upper bound of 120 handle, remaining well offered amid risk-aversion and dovish ECB.
EUR/JPY: Yen firmer, despite mixed Japanese data
The EUR/JPY pair now drops -0.18% to 120.80, clinging to strong support near 120.70 region. The spot stalled its selling spiral, as the bears take a breather before the next push lower.
The cross remains under pressure, in wake of a dovish tilt from the ECB, which disappointed markets, as they had expected Draghi to offer some hints on tapering.
Meanwhile, persisting risk-aversion on the back of lingering geo-political tensions around North Korea, boosts the safe-haven bids for the yen, thus, collaborating to the downside in the cross.
Later today, the pair will get influenced by the German retail sales, Eurozone CPI and US Q1 GDP report.
EUR/JPY: Technical Levels
Higher side: 121.50 (psychological levels) 121.73 (classic R1), 122 (6-week tops)
Lower side: 120.39/28 (classic S2/ 100-DMA), 120 (zero figure), 119.37 (50-DMA)
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.