FxWirePro: EUR/JPY fails to hold gains above 117 handle, scope for test of 115.50 levels
EUR/JPY edges above 117 handle following the release of better-than-expected German factory gate prices data. Data released earlier today showed German June PPI m/m came in at +0.4% vs +0.2% expected and +0.4% last, whil…
EUR/JPY edges above 117 handle following the release of better-than-expected German factory gate prices data.
Data released earlier today showed German June PPI m/m came in at +0.4% vs +0.2% expected and +0.4% last, while y/y stood at -2.2% vs -2.4% expected vs -2.7% previous.
But the pair failed to hold on to gains, slips below 117 handle, techs on intraday charts have turned bearish. We see scope for test of 115.50 levels.
UK employment data and euroarea consumer confidence in focus. Flash estimate for euro area consumer confidence in July is one of the first releases for the euro area covering the post-Brexit period.
ECB meeting due on Thursday followed by the press conference by President M.Draghi will also impact the pair.
Immediate resistance on the upside is seen at 117.11 (1H 100 SMA), bearish invalidation only on breaks above 117.60 levels.
