EUR/JPY finds support near 123 handle, EZ data eyed

The EUR/JPY cross keeps losses in early Europe, although stages a minor-bounce from near 123 handle as the yen’s relative weakness aids the recovery.

EUR/JPY bounces-off a dip below 123 handle

The EUR/JPY pair now drops -0.23% to 123.22, having found solid support just ahead of 123 barrier over the past couple of hours. The cross in the EUR/JPY remains under pressure, as the weakness in the EUR/USD pair overshadows a moderately higher USD/JPY.

The cross attempts recovery, although remains vulnerable as the common currency remains under pressure ahead of the Euro zone CPI data, with markets expecting the core figures to soften in March. While the key risk event for today remains the FOMC April meeting minutes.

EUR/JPY Levels to consider

The pair has an immediate resistance at 124/124.18 (round number/ May 17 High) and from there to 124.42 (50-DMA). On the flip side, support is seen at 123/122.96 (round number/ daily low/) below which it could extend losses to towards 121.88 (May 9 Low).