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Forex: EUR/JPY returns to 125.00 ahead of ZEW survey

The EUR/JPY is down on Tuesday amid conflicting headlines from Japan's PM Abe and Finance Minister Aso, not sharing the same view on the monetary policy approach, particularly in regard to foreign bond purchases: Abe is in favor, Aso is against.

The cross made an early plunge to 124.89 low, and after some consolidation throughout the Asian session, the market went for another dive, to 124.56 low. Ahead of EMU construction output and German and EMU surveys by ZEW, the EUR/JPY regained the 125.00 level. Still, it edges lower on the day, by -0.35%.

“The markets should find support ahead of here at the 2 month steeper trendline at 123.52”, wrote Commerzbank analyst Karen Jones, pointing to near term resistance at 125.98.

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