- The Euro is currently in an uptrend vs the Japanese yen, as it closed above the 113.50 resistance.
- There is a major resistance in the form of a bearish trend line on the hourly chart of EURJPY at 113.80, acting as a hurdle.
- Today in the Euro Zone, the German Import price index was released by Deutsche Bundesbank.
- The market was aligned for no change in Sep 2016, but there was a decline of 0.2%.
EURJPY Technical Analysis
The Euro after declining towards 112.50 against the Japanese yen started an up-move. There was a good move higher, as the EURJPY pair climbed above the 113.00 handle. The pair is currently attempting a crucial break above a bearish trend line formed on the hourly chart at 113.80.
The pair is currently well above the 21 hourly simple moving average, which is a positive sign and may help the Euro bulls in breaking the 113.80-114.00 resistance.
One may even consider buying with a break above the stated resistance area with a stop below the 21 hourly SMA.
German Import Price Index
Today in the Euro Zone, the German Import price index, which measures the change in prices for goods imported by Germany was released by Deutsche Bundesbank.
The market was aligned for no change in Sep 2016, compared with the previous month. However, the result was on the negative side, as there was a decline of 0.2%. On the other hand, the yearly change in the German IPI posted a decline of 1.8% in Sep 2016, compared with the same month a year ago. It was a bit better compared with the forecast of -1.9%.
So, the result was mixed, but it looks like the Euro may break the resistance for a move higher soon.