EUR/JPY nears cycle high amid rising German yields EURJPY Crosses Currencies
Germany’s final revision from May’s Harmonized Index of Consumer Prices remained unchanged at 6.3% YoY, according to the market consensus. Likewise, the Spanish HICP from the same period of time was confirmed at 2.9% and displayed a monthly deceleration. In addition, ZEW surveys for Germany from June came in mixed, with the Economic Sentiment coming in at -8.5 vs the -13.5 expected, while the Current Situation index came in at -56.
Amid the disinflationary impulse in May and the ongoing weakness seen in the Eurozone , the burden of proof for the ECB has reversed, implying that the ECB will need to justify why they will need to continue to hike, if they hike at the June 15th meeting. Focus now shifts to the updatedThat being said, following the data from Germany, bond yields are in decline, and the DAX has risen. The 10-year bond yield increased 4% to 2.46%, while the 2-year yield sits at 3.03% and the 5-year yield 2.
On the upside, If EUR/JPY manages to move higher, the next resistances to watch are at the 151.30 zone, followed by the mentioned cycle high and the psychological mark at 152.00. On the other hand, in case the cross loses more ground, support levels line up at the psychological mark at 150.00 and below around the 20-day Simple Moving Average at 149.70 and the 149.00 area.
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