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Forex: EUR/JPY falls to 120.00 on EMU and German data

FXstreet.com (Barcelona) - The EUR/JPY fell on the release of the German unemployment report and EMU money supply data, easing from 120.50 to the surrounding area of 120.00. Apart from those disappointing indicators, Italy business confidence rose from 88.6 to 88.9 in March, beating consensus of 88.0.

There were 13K more unemployed people in Germany in March, instead of 4K less as expected. The unemployment rate remained at 6.9%. EMU money supply (YoY) eased from 3.5% to 3.1% in February, beating consensus of 3.3%. Private loans remain at -0.9%, as expected.

UBS analysts are neutral: “The risk is for extension of the broader correction phase. Critical support is at 118.73”, wrote analyst Gareth Berry, pointing to resistance at 121.87 ahead of 123.85.

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