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28 Aug 2015
EUR/JPY: Bulls break away from 136.40 resistance
FXStreet (Bali) - EUR/JPY continues to march into higher highs in early Europe, being paid as high as 136.61 after a better-than-expected Spanish CPI August flash figures.
Solid Spanish CPI numbers
Spanish CPI August flash MoM came in at -0.3% vs -0.9% prev, while YoY stood at -0.4% vs -0.1% prev. Meanwhile, the HICP MoM was not as encouraging, coming at -0.4% vs -0.1% exp and -1.5% prev, while the yearly reading came at -0.5% vs -0.3% exp and 0.0% prev.
EUR/JPY technicals
The rise through 136.50 faces a resistance as per Aug 25th downswing low, with further rises allowing the pair to set its sight into higher targets towards 136.00 round number. The ability of bulls to maintain the momentum, will very much depend on Germany's state CPI figures, ahead of the national flash CPI data later on the day. On the downside, the origin of today's spike in Europe around 136.30/35 becomes the level to protect by buyers to keep control.
Solid Spanish CPI numbers
Spanish CPI August flash MoM came in at -0.3% vs -0.9% prev, while YoY stood at -0.4% vs -0.1% prev. Meanwhile, the HICP MoM was not as encouraging, coming at -0.4% vs -0.1% exp and -1.5% prev, while the yearly reading came at -0.5% vs -0.3% exp and 0.0% prev.
EUR/JPY technicals
The rise through 136.50 faces a resistance as per Aug 25th downswing low, with further rises allowing the pair to set its sight into higher targets towards 136.00 round number. The ability of bulls to maintain the momentum, will very much depend on Germany's state CPI figures, ahead of the national flash CPI data later on the day. On the downside, the origin of today's spike in Europe around 136.30/35 becomes the level to protect by buyers to keep control.