EURJPY Exchange Rate Faces Potential Reversal Amid Data Releases
EUR/JPY Surges Past July Peak Amid Market Anticipation
EUR/JPY has surged beyond its July 2024 high, but recent price action indicates some vulnerability near the ascending trendline. This could signal a possible retracement, presenting a potential entry point for buyers. Notably, there is a concentration of support just above the 180.00 mark.
Looking ahead, German retail sales data will be released on Wednesday at 2pm HKT. Analysts are forecasting a modest 0.2% uptick, following a 0.3% decline in the previous month. Year-on-year, retail sales grew by 0.9% last month. Later, at 5pm HKT, European consumer price figures will be published, with expectations for inflation to hold steady at 2.4%. With German inflation easing to 1.8% annually, there is potential for improved consumer sentiment in Germany.
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