EUR/JPY edges higher after German CPI

EUR/JPY edged a tad higher, but overall remained little changed, following the release of slightly better than expected German CPI data.

German consumer price index rose 0.3% in July from a month earlier and 0.4% on the year, slightly above expectations of 0.2% and 0.3% respectively. The EU-harmonised CPI is estimated to grow 0.4% in July (+0.3% exp) and 0.4% year on year (+0.3% expected).

EUR/JPY climbed a few pips toward the 116.20 zone and it was last trading at 116.10, still 0.16% below its opening price.

EUR/JPY levels to watch

In terms of technical levels, next supports are seen at 115.17 (20-day SMA), 114.90 (Jul 27 low) and 114.44 (Jul 26 low). On the flip side, resistances line up at 117.14 (Jul 27 high), 117.90 (50-day SMA) and 118.45 (Jul 21 high).