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Forex: EUR/JPY approaching highs after EMU and Germany data

FXstreet.com (Barcelona) - The EUR/JPY is currently quoting at 127.69 (+1.23% on the day) after finding support 127.20/25 area following a test of the 128.00 handle on the European opening. The cross is climbing back the chart after the release of EMU CPI and the German economic sentiment survey by ZEW.

The Consumer Price Index in the Eurozone came in line with expectations, at 1.2% (MoM) and 1.7% (YoY) in March, while Core data rose from 1.3% to 1.5%, beating 1.4% consensus. The ZEW survey showed a decline in EMU economic sentiment, from 33.4 to 23.9 in April. In Germany, economic sentiment disappointed the market, falling from 48.5 to 36.3, below the expected 42.0. Current situation wasn’t good either, dropping from 13.6 to 9.2, below 12.0 consensus.

Commerzbank analysts expect the 20 and 55 day ma at 124.34/12 to hold the cross as support, while “recovery from here would target initially 131.12 – last week’s high en route to our target 136.71 (upside measurement from a wedge)”, wrote analyst Karen Jones.

Forex: USD/JPY cannot overtake 98.00 level

The USD/JPY cannot seem to summit the 98.00 level Tuesday, after peaking briefly at 97.92 (session high) in recent moments. Though the pair cannot seem to overtake this mark, the cross is securing a sizable advance of +1.07%, while settling at 97.77/79 at the time of writing.
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Forex: EUR/GBP moves towards session highs at 0.8544/50

The EUR/GBP has jumped over 20 pips off its lows (0.8522) Tuesday, following the publication of economic data in the EMU and Germany. At the time of writing, the pair has moved higher into positive territory to trade at 0.8544/50, up +0.17%.
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