EUR/JPY: breaking 124 handle to the downside on the 'Greek news'

Ross J Burland FXStreet

Currently, EUR/JPY is trading at 123.86, down -0.29% on the day, having posted a daily high at 124.29 and low at 123.82.

EUR/JPY has made fresh lows in early Asia in very thin trade from holiday mode markets. This comes on the heels of the Greek news that very quickly took EUR down to its lowest level since 19th May.

Greece threatens to opt out of next bailout payment without a debt deal - Bild

Bild came with the headlines but are not citing sources yet saying that the Greek government is preparing to possibly go without next bailout payment (amount of EUR 7bn) if creditors cannot agree on debt relief. This took all euro crosses down a significant number of pips.

For the day ahead, we await Japan's April unemployment and retail sales data. While this is second tier data, with markets as thin as they are, any significant surprises could be a mover. Markets are already expecting an improvement from March figures. "Better-than-expected figures will likely become JPY supportive, as it will mean that BOJ's easing policy will be approaching to an end," explained Valeria Bednarik, chief analyst at FXStreet.

EUR/JPY 4hr chart

Valeria Bednarik, chief analyst at FXStreet - "Technically, the 4 hours chart presents a neutral-to-bearish stance, as the price remains trapped around its 100 DMA, but technical indicators keep declining within oversold territory. An extension below 124.00, should favor additional slides towards 123.20, the 23.6% retracement of the bullish run between 114.83 and 158.80 between April and May."

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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