- EUR / JPY remains in consolidation mode above the 20-day average.
- Ahead: Fed Beige Book and Powell Speech.
EUR / JPY continues in consolidation mode on Wednesday, for more than a week, moving around 130.00. It is trading at 130.20, virtually unchanged for the day. So far this day, in various crossings of the currency market, range runs predominate.
Treasury yields rise modestly helping USD / JPY find support. At the same time, the EUR / USD has lost bullish strength after approaching a key resistance zone.
It was known hours ago that industrial production in February in the Eurozone contracted 1.0% compared to the previous month and 1.6% compared to the previous year. Moving forward, the economic calendar highlights the publication of the Federal Reserve’s Beige Book and the Jerome Powell exhibition at the Washington Economic Club.
Relevant EUR / JPY levels
Immediate support for EUR / JPY can be seen at 129.75, the low of the week and the 20-day moving average; below it will follow 129.40 / 45 and 128.75. On the other hand, the resistances can be seen at 130.65 / 70 (maximum of March and April) seconded by 131.00 (psychological level) and then 131.45.
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