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EUR/JPY trades a slim 22-pips range as the Euro continues to consolidate post-ECB gains.
- The pair is struggling to hold above the 127 handle, Yen demand rises as the Japanese stocks rally loses steam.
- The pair has also broken above 126 resistance and we see scope for upside till 128 levels, weakness seen only below trendline support at 126.30.
- Markets also continue to digest upbeat Japan core machinery orders ahead of the BOJ policy decision due tomorrow.
- Euro zone industrial production on the cards today may virtually have no impact on the major.
- Technicals for the pair are bullish, momentum is higher, we see scope for test of 129 levels.
Recommendation: Hold on to our long call (link below) for targets.(http://www.econotimes.com/FxWirePro-EUR-JPY-breaks-major-resistance-at-126-good-to-long-dips-177051)
