- Stimulus hopes from BoJ pushed yen lower, supporting EUR/JPY to hit new 1-week highs at 114.32.
- Risk-on sentiment remains firm supporting the upbeat momentum in EUR.
- Data released earlier today showed German CPI data was largely in line with expectations.
- CPI m/m rose 0.1% m/m, and was up 0.3% y/y as expected. Wholesale price index in June was up 0.6% m/m vs +0.9% prev and -1.5% y/y vs -2.3% prev.
- Euro extends gains after German CPI data, currently, EUR/JPY trades at 114.45. Techs support further upside.
- Immediate support and resistance are seen at 113.70 (trendline) and 114.42 (100-DMA).
Recommendation: Good to long breakout above 114.42, SL: 113.70, TP: 115/115.46/116
