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Technical analysis of EUR/JPY for June 26, 2015

At today's Asian session Japanese household spendings were printed 4.8% up against -1.3% in the previouse month. The indicator beatn the analysts' above expectations of 3.6%. The Tokyo core CPI increased by 0.1% against 0.2% in the past month, but met the expectations of 0.1%. Japan's CPI increased 0.1% that is above the previous reading of 0.0%, but below the expectations of 0.3%.

As per inflation data, Japan on the lip of deflation. It can influence BOJ's further easing policy.

After data hits the wires, JPY is trading higher against the euro. The euro is waiting for the outcome of the Greek saga. As time is ticking down, traders eye Saturday's meeting with optimism. IMF expects Greece to make the June 30 debt payment deadline.

Technical view: The EUR/JPY cross has been correcting for 4 weeks. It has been making multiple tops. Initially, the cross made a double top at 141.04 and at 140.65 later. The weekly support is found at 137.50 and 137.20. The parallel resistance is seen at 141.25. Early in June, the cross hit a high of 141.00. The bullish views remains in play with sl 133.00. After 14 days of consolidation, the cross has finally closed below 20Dsma. Intraday selling pressure accelerates below 137.50 towards 137.20 and 137.00. On the higher side, we recommend buying above 139.30 with targets at 140.00 and 140.65.


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