EUR/JPY climbs to fresh 2-week highs near 130.30

EUR/JPY extends the daily upside above 130.00.
The dollar remains on the defensive across the board.
US New Home Sales next on tap in the calendar.

Pablo Piovano FXStreet

The offered note around the dollar helps EUR/JPY to regain momentum beyond 130.00 the figure on Monday.

EUR/JPY up on risk appetite

EUR/JPY advances for the second session in a row and manages to clinch new multi-day highs further north of the 130.00 yardstick at the beginning of the week.

In fact, the generalized better mood surrounding the risk complex lift US yields and favours the selling bias in the Japanese safe haven, all at the same time underpinede by the bearish momentum in the buck.

In the docket, earlier data saw the German Business Climate easing to 100.8 in July according to the IFO survey. In the US, the Dallas Fed manufacturing gauge and New Home Sales are next on tap.

EUR/JPY relevant levels

So far, the cross is gaining 0.15% at 130.27 and a surpass of 130.67 (38.2% Fibo of the January-June rally) would expose 131.08 (weekly high Jul.13) and then 132.43 (monthly high Jul.1). On the downside, immediate support is located at 128.59 (monthly low Jul.20) seconded by 128.54 (61.8% Fibo of the January-June rally) and finally 128.47 (200-day SMA).

Author

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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