Forex: EUR/JPY hits 126.00
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EUR/JPY
FXstreet.com (Barcelona) - After clearing the 120.00 psychological level on Jan-24, the EURJPY saw scope for a higher move. 124.00 was surpassed yesterday, while 125.00 was taken down during the Asian session. And now, cheering better than expected manufacturing PMI in the Eurozone has sent the cross up to the 126.00 line, with a high at 126.16. The market is +1.20% higher on the day.
EMU unemployment rate was just released, still at 11.7% in December, instead of rising to 11.9% as expected. EMU Markit manufacturing PMI rose from 46.1 to 47.8 (consensus of 47.4).
Japan's unemployment rate rose from 4.1% to 4.2% (consensus of -4.1%) in December and vehicle sales contracted further, from -3.4% to -12.9% in January. Overall Household Spending turned contracting, from +0.2% to -0.7% (consensus of -0.3%) in December.
"The move above 123.33 has introduced scope to the next resistance at 127.93 the April 2010 high. We have a minor level at 126.10, an Elliott count from the 240 minute chart", wrote Commerzbank analyst Karen Jones, pointing to support at 119.69/120.74 that has under pinned since November 14th.
EMU unemployment rate was just released, still at 11.7% in December, instead of rising to 11.9% as expected. EMU Markit manufacturing PMI rose from 46.1 to 47.8 (consensus of 47.4).
Japan's unemployment rate rose from 4.1% to 4.2% (consensus of -4.1%) in December and vehicle sales contracted further, from -3.4% to -12.9% in January. Overall Household Spending turned contracting, from +0.2% to -0.7% (consensus of -0.3%) in December.
"The move above 123.33 has introduced scope to the next resistance at 127.93 the April 2010 high. We have a minor level at 126.10, an Elliott count from the 240 minute chart", wrote Commerzbank analyst Karen Jones, pointing to support at 119.69/120.74 that has under pinned since November 14th.
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