EUR/JPY appears firmer and looks to regain 130.00 and above

EUR/JPY extends gains and retakes the 130.00 yardstick.
The greenback eases ground and boosts the risk complex.
The US CPI will be in the limelight later in the NA session.

Pablo Piovano FXStreet

The softer note in the dollar gives extra legs to the risk-associated assets and lifts EUR/JPY back to the 1.1830 region on turnaround Tuesday.

EUR/JPY now focuses on US CPI

EUR/JPY posts gains for the third session in a row and flirts with the 10-day SMA in the lows-130.00s on Tuesday, where some initial resistance of the weekly rebound seems to have turned up so far.

Further support for the risk complex comes in the form of higher yields in the German 10-year Bund and the US 10-year note to the -0.30% region and the vicinity of 1.35%, respectively.

Later in the NA session, all the attention will be on the publication of the US inflation figures gauged by the CPI for the month of August. Earlier in the day, the NIFB index bettered to 100.1 during last month.

In japan, the Industrial Production expanded at an annualized 11.6% in July and the Capacity Utilization contracted 3.4% from the previous month. Closer to home, the Spanish CPI gained 0.5% MoM and 3.3% YoY.

EUR/JPY relevant levels

So far, the cross is up 0.13% at 130.01 and a surpass of 130.29 (38.2% Fibo of the June-August drop) would expose 130.74 (monthly high Sep.3) ahead of 131.06 (100-day SMA). On the downside, the next support comes in at 129.59 (low Sep.13) seconded by 129.51 (200-day SMA) and finally 128.59 (monthly low Jul.20).

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Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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