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Forex: EUR/JPY plunges 0.63%

By FXstreet.com,  April 26, 2012, 07:07:00 AM EDT

FXstreet.com (Barcelona) - The euro has lost 0.63% against the yen after the disappointing results of the EMU's economic indicators, reversing the advance made during the early hours of the European trading session. The eurozone's consumer, economic and industrial confidence indices did worse than expected with scores of -19.9, 92.8 and -9.0, respectively. Germany's CPI should come shortly afterwards and it is expected that YoY price changes will be at 2.0%, slightly lower than the previous reading of 2.1%.

On the other hand, the Japan all industry index fared less worse than expected, registering a MoM change of -0.1% instead of -0.2%. Towards 23:30 GMT the latest figures for Japan's CPI, retail trade, industrial production and unemployment will be announced.

The pair is currently trading at 106.83, above 106.71 (200 SMA), facing resistance at 106.91, ahead of 107.17 and 107.44, according to Fxstreet.com pivot points on technical tools. On the downside, there is support at 106.65, before 106.38 and 106.12.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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