EUR/JPY challenges session lows near 124.80 ahead of Payrolls
|- EUR/JPY moves away from +1-year highs near 125.60.
- Industrial Production in the euro area rebounded further in June.
- US July’s Non-farm Payrolls, jobless rate next of significance in the docket.
The increasing offered bias in the European currency is motivating EUR/JPY to recede from recent multi-month tops in the 125.55/60 band (Thursday).
EUR/JPY looks to data
Following three consecutive sessions with gains - including tops in levels last seen in April 2019 in the 125.60 region - EUR/JPY is now losing the grip amidst renewed selling pressure in the shared currency.
The recovery in the greenback has been putting the euro under some pressure since the beginning of the trading session at the end of the week, while the overbought conditions of the cross has also motivated sellers to turn up.
Later in the NA session, all the attention will be on the publication of July’s Non-farm Payrolls (+1.6 million exp.) and the unemployment rate (10.5% exp.).
Earlier in the euro area, the German Industrial Production extended the rebound in June and expanded nearly 8% from a month earlier. Sustaining further the improvement in the sector, the same trend was seen in results from Spain and France.
EUR/JPY relevant levels
At the moment the cross is losing 0.43% at 124.80 and a drop below 122.87 (monthly high Jan.16) would expose 121.14 (monthly high Mar.25) and then 120.09 (200-day SMA). On the other hand, the next up barrier lines up at 125.58 (2020 high Aug.6) followed by 126.80 (monthly high Apr.17 2019) and finally 127.50 (2019 high Mar.1).
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