Euro (EUR) rose against the Japanese Yen (JPY) on Monday, increasing the price of the EURJPY pair to more than 129.00, ahead of the release of European Consumer Price Index news. The technical bias remains bullish since the pair printed a higher high in the recent upside move.
As of this writing, the EURJPY pair consolidates around 129.33 with a couple of resistance in sight. The pair might have a tough time while passing through the listed price levels.
129.92 – the high of March 23, 2021
130.65 – the major horizontal resistance
131.00 – the upper trendline arm
On the downside, the pair might find some sustainability near the given below support levels.
128.07 – the lower trendline arm
127.32 – the Fibonacci retracement (38.2%)
127.00 – the psychological number
European Consumer Price Index News
Eurostat is scheduled to release numbers for the European Consumer Price Index on March 31, 2021. As per the view of economists, the CPI might register a reading of 0.9% in March, bearing no change as compared to the reading of 0.9% in the month before.
The CPI stats reflect the changes in the prices of consumer products, including goods and services. The CPI is a significant indicator of the European economy. It also provides an idea concerning the consumer’s purchasing patterns and the possible inflation rates in the coming days. Generally speaking, a higher reading suggests a bullish trend for the EURJPY pair and vice versa.
Keeping in view the price movements of the pair over the past few days, buying the EURJPY pair around 129.00 might yield some profits in the short to medium term.