EUR/JPY retreats to two-week low amid Euro weakness EURJPY
in Wednesday's session. On the other hand, the latest Japanese economic data released in the early Asian session came in weak, limiting the Yen’s upside potential.The May data for the German Harmonized Index of Consumer Prices indicated a deceleration to 6.3% year-on-year , down from the previous reading of 7.6% and below the consensusof 6.8%. Similarly, Spain reported a decrease in its HICP to 2.9%, lower than the expected 3.4%.
Anticipated data for Thursday indicates a potential decline in the EU's HICP and a contraction in German retail sales, signaling a weakening economy. If inflation continues to decrease, there is a possibility that the ECB might adopt a less strictOn the other hand, Japan reported that Industrial Production unexpectedly contracted in the month of April while Retail Sales from the same month also failed to live up to the market expectations, contracting 1.
The 20-day Simple Moving Average at 148.80 level remains the key support level for EUR/JPY. If broken, the 148.50 area and 148.00 zone could come into play. Alternatively, a move above the 149.30 zone would suggest a boost for the pair’s upside momentum, with next resistances at the 149.50 area and 149.80 level.
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