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8 Mar 2013
Forex: EUR/JPY takes profit at 125.64 after German industrial production
The EUR/JPY is insisting on the upside during the European morning as the Yen shrinks its value and the Euro boosts on rising risk sentiment. Having regained the 125.00 ground on the European opening, the cross rose easily to 125.64 high ahead of German industrial production.
However, industrial production data in Germany was unchanged on the month of January (0.0% vs 0.5% expected) and YoY data fell a little more than expected, from -0.5% (revised from -1.0%) to -1.3% (consensus of -1.2%).
The EUR/JPY is currently taking profits post-release of data. “EUR/JPY has finally cleared its 20 day ma at 123.25 and short term downtrend - this suggests the market is resuming its up move and that we should see 125.36 challenged and taken out (high from 25th February)”, wrote analyst Karen Jones, eyeing the 127.71 February high.
However, industrial production data in Germany was unchanged on the month of January (0.0% vs 0.5% expected) and YoY data fell a little more than expected, from -0.5% (revised from -1.0%) to -1.3% (consensus of -1.2%).
The EUR/JPY is currently taking profits post-release of data. “EUR/JPY has finally cleared its 20 day ma at 123.25 and short term downtrend - this suggests the market is resuming its up move and that we should see 125.36 challenged and taken out (high from 25th February)”, wrote analyst Karen Jones, eyeing the 127.71 February high.