Forex: EUR/JPY mostly sideways on both Yen and euro weakness

Yen weakness is compensating the euro retracement, bringing the EUR/JPY back to the opening levels of 126.64. The cross has been trading sideways most of the time today, with a daily range of 80 pips (126.06 – 126.86).

The economic calendar released updates for the European eye. EMU Sentix Investor Confidence improved from -7 to -3.9 in February, still not as high as the expected -3. Spain added 132.10K unemployed in January, not as much as the 150K expected, but still a very negative change, taking in account December's -59.1K drop. Soon, the EMU PPI data for January will be published.

Mataf.net analysts point to resistances at 126.45, 126.95 and 127.55. On the downside, supports might be found at 126.05, 124.80 and 123.90.