The now better tone around the Japanese safe haven has forced EUR/JPY to recede from daily highs and return to sub-123.00 levels.
Yesterday’s rebound in the cross has faltered ahead of the key 10-day SMA in the 123.40/45 band, although it managed to close with gains for the day.
However, the Japanese Yen has regained some poise today and forced the cross to give away initial gains and return to the area below 123.00 the figure, where it is now attempting to consolidate.
In the data space, flash German GDP figures for the first quarter came in on the soft side earlier in the session, adding to Tuesday’s poor prints from the ZEW survey and sponsoring fresh weakness in the single currency.
Later in the session, advanced EMU Q1 GDP figures are next of note in Euroland ahead of the slew of data releases in the US economy.
Source : FX Street