EUR JPY Fundamental Analysis
8/16/2016 10:44:38 AM
The EUR/JPY cross held up its recovery right at 113.00 barrier and came under fresh selling pressure following the release of below estimates German ZEW economic sentiment. The EUR/JPY pair now fell -0.32% to 112.90, unable to hold the recovery above 113.00handle. The EUR/JPY cross stays deep in the red, mainly driven by heavy losses seen in the USD/JPY pair, as the JPY remains strongly bid on persistent risk-off trades. While the latest move lower in the cross is largely attributed to worse-than expected German economic sentiment numbers, which failed to influence the EUR markets. Consideration now turns towards the US calendar, with plenty of risk events on the cards, including the US Inflation report. The pair has an immediate persistence at 113.15 and from there to 113.70. On the other hand, support is seen at 112.40 below which it could extend losses to towards 112.