EUR/JPY extends the multi-session consolidation theme, always above the key 130.00 yardstick, on Wednesday. EUR/JPY now exchanges gains with losses above the 130.00 hurdle amidst the generalized inconclusive price action in the global assets. In fact, the greenback navigates within a tight range in the lower end of the recent range, while the steady activity in US yields motivates the Japanese yen to follow suit for the time being.
The cross, in the meantime, remains within the broader consolidation scheme prevailing since the beginning of the month, always above the 130.00 level and with the immediate target at YTD peaks near 130.70 (April 7). Data wise in the euro area, February’s Industrial Production contracted 1.0% inter-month and 1.6% from a year earlier. In the US data space, the salient event will be the participation of Chief Powell at a discussion panel at the Economic Club of Washington.