EUR/JPY: bears loosen grip, recovers to hourly 100-MA

By FXStreet The JPY bulls are having a breather ahead of the European opening bell, thus the EUR/JPY cross managed to recover from lows to its hourly 100-MA resistance at 123.82 levels.

Eyes Eurozone CPI

The EUR traders await the preliminary Eurozone CPI reading for February, which will set the tone for the next week’s ECB meeting. German CPI released last week showed the cost of living dipped below zero for the first time after September.

Ahead of the data, the sentiment across the major European stock markets could influence the demand for the safe haven Yen. The cross currently trades just below hourly 100-MA levels.

EUR/JPY Technical Levels

The immediate resistance is seen at 123.82 (hourly 100-MA), above which the cross could target a major hurdle at 124.32 (hourly 50-MA). On the other hand, a breakdown of immediate support at 123.27 (Feb 25 low) would open doors for a slide to 122.45 (Feb 24 low).
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Source:: FX Street