As the Japanese Yen resumes its strengthening after the BoJ monetary policy announcement on Friday, the EUR/JPY is extending its losses, now threatening the 106.00 line.
The pair had already gone to 106.04 in early Asian session, but risk appetite lifted the price to 106.30 area ahead of Germany’s growing retail sales. Now on risingmoney supply in March (3.2% vs 2.8% consensus – YoY) and ahead of EMU’s CPI, the EUR/JPY dropped to 106.02.
Commerzbank analysts see the cross trying to stabilize at nearby support: “Minor support is 105.93, however key support remains 104.25/23. This is the base of the cloud and the 50% retracement of the move seen so far in 2012”, wrote analyst Karen Jones.
The pair had already gone to 106.04 in early Asian session, but risk appetite lifted the price to 106.30 area ahead of Germany’s growing retail sales. Now on risingmoney supply in March (3.2% vs 2.8% consensus – YoY) and ahead of EMU’s CPI, the EUR/JPY dropped to 106.02.
Commerzbank analysts see the cross trying to stabilize at nearby support: “Minor support is 105.93, however key support remains 104.25/23. This is the base of the cloud and the 50% retracement of the move seen so far in 2012”, wrote analyst Karen Jones.
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