EUR/JPY climbs to 2-day highs around 129.30 ahead of Payrolls
|- EUR/JPY moves to daily highs past the 129.00 mark.
- Higher yields bolster the selling bias in the Japanese yen.
- US Nonfarm Payrolls will take centre stage later in the NA session.
The move higher in US yields supports the greenback and depresses the Japanese yen, all rendering in further legs to the EUR/JPY on Friday.
EUR/JPY now looks to 130.00
EUR/JPY adds to the upbeat momentum so far witnessed in the second half of the week and surpasses the 129.00 mark on quite a convincing fashion amidst the increasing offered stance in the yen.
In fact, the selloff in the US bonds market keeps sustaining the upside in yields, with the 2-year note leaving behind the 0.32% hurdle – last seen in March 2020 – and the 10-year reference flirting with the area just above the 1.60% yardstick.
In the euro docket, the German trade surplus shrank to €13B during August, while the Current Account surplus also narrowed to €11.8B in the same period.
Across the pond, the US economy is expected to have added 500K jobs in September and the unemployment rate is seen ticking lower to 5.1%.
EUR/JPY relevant levels
So far, the cross is up 0.30% at 129.30 and a surpass of 129.76 (200-day SMA) would expose 130.47 (weekly high Sep.29) and then 130.51 (100-day SMA). On the downside, the next support comes at 128.33 (monthly low Oct.6) followed by 127.93 (monthly low Sep.23) and finally 127.00 (round level).
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