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Forex: EUR/JPY surges towards 132.00 level after CPI in EMU

FXstreet.com (Barcelona) - The EUR/JPY received a welcome boost from the recent tranche of economic data in the EMU Thursday. After trading at 131.55 in recent minutes, the cross exploded forth to the 132.00 region, testing this mark and attempting to summit this barrier in these moments.

In the EMU, the Consumer Price Index (YoY) has grown +1.2% in April vs. estimates of +1.2%. Moreover, the Consumer Price Index – Core (YoY) has yielded +1.0% in April, matching a projection of +1.0%. Finally, the Consumer Price Index (MoM) fell -0.1% in April, in line with expectations.

Following a movement of +0.15% above its opening, the EUR/JPY will encounter the following short-term resistances at 132.27, then 132.99, and finally 133.53. Conversely, the pair is projected to face support at 131.01, then 130.47, and eventually 129.75.

According to the ICN.com Analyst Team, “The EUR/JPY retested the minor ascending support the carried the latest bullish wave, currently hesitating around it. Holding back below this trend line could push price lower supported by the bearish divergence on RSI, for a possible retest of 130.40 horizontal support. Overall, we remain neutral, awaiting further confirmations of the next potential move.”

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