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Forex: EUR/JPY prints low at 121.48 on German IFO

FXstreet.com (Barcelona) - The release of the German IFO survey triggered a drop to test the 121.50 area, but disappointing fig-ures weren’t enough to see the EUR/JPY extending the fall further. The cross is bouncing towards 122.00.

Instead of a slight improvement, the March IFO survey for Germany fell in all counts: business cli-mate dropped from 107.4 to 106.7; current assessment eased from 110.2 to 109.9; expectations fell from 104.6 to 103.6. The market will remain attentive to headlines coming from Cyprus.

“While the next lower 121.45 March 18 low holds, the resistance line at 125.47 will stay in focus”, wrote Commerzbank analyst Karen Jones.

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