In result of the weaker than expected Japan’s national CPI data release as well as the ECB announcement, the pair found support at the 113.34 level and then resumed the surge. Similarly to Wednesday, it failed to break above the weekly R1, which is located at the 114.19 level. In principle, a release of better than expected information on the US GDP growth later this day might provide a necessary impulse for successful break through the above resistance level. In that case, bulls will get a chance to elevate the rate to the monthly R1 at 114.75. Otherwise the currency pair is expected to retreat back to the 113.80 level, which represents location of the 55- and 100-hour SMAs, or even lower.
