EUR/JPY rises further, hits fresh highs above 117.50
|- Euro holds steady on a quiet session, EUR/JPY consolidates rebound from weekly lows.
- Yen down across the board amid an improvement in risk sentiment and higher US yields.
The EUR/JPY pair rose further after the beginning of the American session and climbed to 117.64, matching Thursday high. As of writing, it trades at 117.60, modestly higher for the day and moving away from the four-week lows it reached last week at 117.05.
The Yen is among the worst performers of the American session weakened by the improvement in risk sentiment and higher US yields. The DOW JONES is up 0.06% after a negative opening, and the NASDAQ gains 0.18%. The 10-year rose from 1.51% to 1.54%. Market attention turns now to the upcoming US-China trade talks. Hopes about a potential deal supported the improvement in risk sentiment.
Regarding the Euro, it erased losses against the Swiss Franc and the US Dollar. Price action remains limited on Monday on a low volume session.
Technical outlook
The EUR/JPY holds a bullish tone in the very short-term. It is facing resistance around 117.65. A break higher could clear the way for a test of 118.00. On the flip side, now 117.45 is the immediate support, followed by 117.05 (daily and last week low). The 117.00 is the critical level on the downside, below the pair will likely resume the decline, in line with the main trend.
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