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EUR/JPY chart on Trading View used for analysis
- EUR/JPY hovers around 129 handle, down 0.16% on the day at the time of writing.
- The single currency under pressure ahead of Eurozone inflation data.
- Earlier today German retails sale disappointed, came in below expectations in October, contracting 0.3% MoM and expanding 5.0% YoY.
- Focus now on flash inflation figures in Euroland for the month of November for further impetus. Any disappointment will weigh on th euro.
- Italy's willingness to amend the budget is being well received by the markets. But caution likely to prevail as we head into the G20 summit.
- Technicaly, the pair has broken out of 'Symmetric Triangle' pattern and is extending consolidation at 129 handle.
- Momentum with the bulls and upbeat data could see test of 200-DMA at 129.81. On the flipside, retrace back into Triangle could see weakness.
Support levels - 128.91 (5-DMA), 128.82 (21-EMA)
Resistance levels - 129.81 (200-DMA), 130
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
