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EUR/JPY holding at 131.00 level after EMU PPI

FXstreet.com (Barcelona) - The EUR/JPY rally was capped at the 131.43 region (European high), after lackluster European data was reported Tuesday.

In the EMU, the Producer Price Index (YoY) came in at -0.2% in April, vs. expectations of +0.3%. Moreover, the Producer Price Index (MoM) has experienced a decline of -0.6% in April, against estimates calling for -0.2%.

At the time of writing, the pair has now moved back to 131.06/08, still holding in positive territory up +0.70% Tuesday. Following a break above the 130.86 resistance earlier, the Mataf.net analyst team has calculated the next short-term resistive measures for the EUR/JPY at 131.67, onto 132.36, and finally 1.3157.

According to the Technical Analyst Team at ICN.com, “The EUR/JPY dipped slightly below the 130.00 level, but failed to settle below it. The pair is attempting to mover higher, facing an intraday resistance at 131.00-131.10, if it managed to extend above this resistance, we may see a retest of the 132.10 levels. Accordingly, we will move to sidelines for now, awaiting confirmation.”

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