FxWirePro: EUR/JPY extends gains above 123 handle, focus now on German CPI data
EUR/JPY hits fresh daily highs at 123.77 as offered tone around the Yen increasing on renewed talks of a delay in the implementation of the sales tax hike by the Japanese government. The pair has broken 10-DMA at 123.07 …
EUR/JPY hits fresh daily highs at 123.77 as offered tone around the Yen increasing on renewed talks of a delay in the implementation of the sales tax hike by the Japanese government.
The pair has broken 10-DMA at 123.07 and finds next major resistance at 124.22 (major trendline and 55-EMA).
Markets focus on German flash CPI figures which are expected later during the European afternoon.
Techs support upside in the pair, weakness only below 123 levels.
Supports are located at 123.07 (10-DMA), 122.65 (session lows) and 122.21 (May 27th lows).
Resistances are seen at 124.22 (trendline and 55-EMA), 124.65 (May 12th highs) and then 125.
Recommendation: Go long on dips around 123.50/60, SL: 123, TP: 124/124.20/124.65