Black Pipper

Forex Dreamers

EUR/JPY falls to a low close to 117.30

eurjpy

eurjpy

The selling pressure against the common currency has increased and the EUR / JPY falls to the daily low of 117.30.

The pair is expanding its multi-day consolidation after winning two consecutive days and looks set to stabilize following Monday’s bullish outside staff.

The euro remains on the defensive and bullish attempts are limited by the poor results of the eurozone and the dovish rhetoric of ECB member O. Rehn, who spoke out in favor of additional monetary stimulus.

German retail sales fell -2.1% YoY in July, while the Eurozone CPI in August rose 1.0% YoY, as expected. Only core inflation disappointed at 0.9%.

Technical Levels

S1  117.29

S2  117.24

S3  117.15

R1  117.43

R2  117.52

R3  117.57

 

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