Forex: EUR/JPY capped by 103.90

FXstreet.com (Barcelona) - For the European opening, the market pressured the EUR/JPY down to 103.54 low only to release it and let the cross rally to 103.90, around where it quotes as of writing. The industrial sales data in Italy came out.

Seasonally adjusted sales fell -4.2% (MoM) in September to a w.d.a. annualized drop to -5.4%. Seasonally adjusted industrial orders in Italy fell -4.0% (MoM), extending the annualized decline to -12.8%. In Spain, bank bad loans were 10.7% in September, up from 10.5% in the prior month.

The highs at 103.90 are working as resistance and the cross seems unable to surpass it. “The 104.59/82 region represents key resistance (October high and the 61.8% Fibonacci retracement). It is the break up point to the 2009-2012 resistance line at 106.57”, wrote Commerzbank analyst Axel Rudolph, expecting support at 102.80 to hold the EUR/JPY.

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