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Forex pairs in this Article » EUR/JPY (Barcelona) - The EURJPY tumbled across the board on the European opening, taking out all daily gains and becoming 'red' on Friday as European data came out. The German CPI data came mostly in line with expectations, at 2% (YoY) and 0% (MoM) in October. The French budget was narrowed from ¬-97.7B to ¬-85B, and industrial output fell from +1.5% to -2.7% (MoM). The Greek bank stability fund leader, Thomopoulos, admitted that 2013 will be a difficult year. The industrial output in Italy improved on the yearly basis, from -5.2% to -4.8% in September, despite the -1.5% monthly contraction.

The +70-pip plunge found support at the 101.00 psychological level and the cross is now seen bouncing as it recovered to 101.15, still lower on the day.

Commerzbank analysts believe the cross is targeting 100.60/15, with key support at 99.50/36 (11th September low and the 50% retracement) and intraday rallies contained at 102.42/61 and 103.42. "EURJPY has maintained downside pressure following its break of its uptrend and in doing so looks set to execute a deeper sell off to the 100.60/15 zone (38.2% retracement and the 11th October low)", wrote analyst Karen Jones.
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