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Forex: EUR/JPY pressured after EMU money supply

The EUR/JPY is dropping on the release of EMU money supply data, moving below 120.00 and currently at 119.80 (-0.30% on the day). Following Monday's plunge, the cross remains entrenched between 119.00 and 121.00, finding harmony around 120.00.

EMU M3 money supply eased from 3.7% to 3.5% (3m) in January, but rose from 3.3% to 3.5% (consensus of 3.2%) in the annualized basis. Private loans contracted -0.9%, more than the -0.6% expected.

“The recent sell off was damaging and we would allow for an extension of losses to 117.29 then 114.07, this is the 38.2% and 50% retracements of the move up from November”, wrote Commerzbank analyst Karen Jones, pointing to intraday resistance at 122.16.

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