EUR/JPY: Bears eye 119.00 on aggressive EUR selling

Dhwani Mehta FXStreet

The common currency is seen making minor-recovery attempts against its Japanese counterpart in the European session, now lifting EUR/JPY from session troughs of 119.17.

EUR/JPY: Losing sight of 5-DMA?

The EUR/JPY pair now drops -0.25% to 119.22, trimming losses as the bears appear to have taken a breather after the aggressive selling seen in EUR/USD over the last hour.

The euro tumbled across the board after the greenback caught a fresh bid-wave against its main competitors, sending the USD index back above 100 mark.

Meanwhile, the USD/JPY pair trades subdued just ahead of 111 handle, in the wake of negative treasury yields and cautious tone seen in the European equities, adding to the poor sentiment around EUR/JPY. Focus now remains on the US macro news for fresh impetus on the cross.

EUR/JPY: Technical Levels

Higher side: 119.83 (5-DMA), 120/120.07 (zero figure/ 10-DMA), 120.50/53 (psychological levels/ 50-DMA)

Lower side: 119 (zero figure), 118.87/75 (classic S1/ Fib S2), 118.28 (200-DMA)

1. R3 121.78
2. R2 121.12
3. R1 120.33
PP 119.67
1. S1 118.88
2. S2 118.22
3. S3 117.43

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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