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Forex: EUR/JPY – coming off to 131.80 support

FXstreet.com (London) - The pair recovered to 132.20 pre US data but has since declined back below the figure to find support at 131.80.

Mirroring USD/JPY in the price action, the EUR/JPY enjoyed a bought of less than positive US data releases while traders noted last nights upbeat-statistics from Japan. The GDP readings are showing that things are improving there. This has come in an environment where the market is ultra long of the USD. Any bulls that had been hoping for US CPI/Claims data to be supportive of the dollar might be thinking twice for a move towards and a close above 103.00 by the end of this trading week.

The market had been expecting to play the rages in the EUR pre data this afternoon, which did exactly that, but now the figure 1.2900 has been breached. Resistance comes into play at 1.2930 which would cap any further upside in the EUR/JPY for now. EURJPY has seen a high of 132.20 post US data.

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