Forex: EUR/JPY rises closer to daily high

FXstreet.com (Barcelona) - The EUR/JPY became heavier by the end of the Asian shift and fell to as low as 120.31. The market was able to bounce back throughout the European morning and made a stronger push on the NY session, where it got to 122.77, closer to the daily high at 122.86.

Tomorrow, the BoJ will publish the Tankan report, with manufacturing and non-manufacturing data in Q1, with expected improvement in both accounts.

Against analysts’ consensus of a drop from 77.6 to 72.5 in March, Reuters/Michigan Consumer Sentiment Index rose to 78.6 in February. The Core Personal Consumption Expenditure - Prices Index remained unchanged at 1.3% in February (YoY), with the monthly figure rising 0.1%, below consensus of 0.2%. Personal consumption expenditures rose 0.4%, with the annualized figure rising from 1.2% to 1.3%. Personal income beat consensus of 0.8% by rising 1.1% (from -3.6% in the previous month). Personal spending disappointed at 0.3%, while investors were pointing at 0.6%.

Mataf.net analysts point to resistance at 120.90, 121.85 and 122.75. On the downside, supports might be found at 120.30, 119.75 and 119.25.