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Forex: EUR/JPY bounces from 122.50, Eurogroup to meet soon

FXstreet.com (Barcelona) - The EUR/JPY is bouncing after reaching the area of 122.50 after the NY opening. The cross is back above the 123.00 handle and trades at 123.30 at the moment. The Eurogroup will meet at 18:00 GMT to discuss the Cypriot situation.

The Bank of Cyprus said: “It is imperative to move immediately towards brokering a deal with the Eurogroup which would ensure unobstructed liquidity to Cypriot banks to save the Cypriot economy”, according to Reuters.

During the European morning, the preliminary release of Markit PMI data in March was the main focus. Disappointing France Markit PMI figures had manufacturing PMI at 43.9 vs 44.3 consensus and services PMI at 41.9 vs 44.0 consensus.

German data saw manufacturing dropping from 50.3 to 48.9 (con-sensus of 50.5) and services fell from 54.7 to 51.6 (consensus of 55.0). The EMU Composite PMI down from 47.9 to 46.5 (consensus of 48.2).

At his first press conference as BoJ Governor, Kuroda denied he is trying to weaken the Yen.

“A key support is at 121.13 (04/03/2013 low), while a key resistance lies at 125.97 (14/02/2013 high)”, wrote MIG Bank analyst Bijoy Kar.

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