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Forex: EUR/JPY taking profit from 128.00 ahead of EMU sentiment and CPI

FXstreet.com (Barcelona) - The EUR/JPY is at gains today, retracing yesterday’s losses that found a low at the 125.00 line. Today’s strength, based on both Yen weakness and EUR upside, has moved the cross to test the 128.00 handle on the European opening, where it failed to breach above. The market is currently easing to 127.30 area ahead of EMU ZEW survey and CPI data.

The Italian trade balance data showed a narrowing surplus from €0.668B (revised from 0.663B) to €0.380B in February, while the Global trade balance came from €-1.614B deficit to €1.086B surplus.

UBS analysts are bullish: “The risk is for resumption of strength as bullish trend persists”, wrote analyst Gareth Berry, pointing to resistance at 128.03 ahead of 132.05, while support is at 123.70.

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