Forex: EUR/JPY stays above 128.00 after EMU trade data

FXstreet.com (Barcelona) - The EUR/JPY printed its lowest price on the day at 127.56 during the Asian session, as the Yen resumes its corrective movement from the rally to 131.13 high on BoJ easing. The European morning allowed a move back to 128.00 area and to as high as 128.65. Just before the release of EMU trade balance the cross retested the 128.00 line, which is holding.

The seasonally adjusted trade surplus widened from €9.0B to €12B in February, beating the €9.9B consensus, while the non-seasonally adjusted figure moved from €-4.7B (revised from €-3.9B) to €10.4B, coming higher than the €3.0B consensus.

Japan February industrial production was down from -5.8% to -10.5% and capacity utilization fell from 1.7% to 0.7%. However, the monthly change in industrial production came in higher than expected, at 0.6% instead of -0.1%.
Mataf.net analysts point to resistance at 128.55, 129.80 and 131.05. On the downside, supports might be found at 127.55, 126.75 and 126.15.