EUR/JPY climbs to multi-day highs near 121.60

  • EUR/JPY attempts to break above the consolidative range.
  • The daily bullish move run out of steam in the 121.60 region.
  • US ISM Non-Manufacturing next of relevance in the NA session.

The better mood in the risk complex gives extra wings to the single currency and pushes EUR/JPY to the area of ulti-day peaks in the 121.60/65 band on Monday.

EUR/JPY focused on risk trends, data

EUR/JPY is adding to Friday’s positive session and regains the 121.00 mark and above always sustained by the continuation of the upbeat sentiment in the riskier assets despite the coronavirus pandemic stays far from abated.

In fact, extra support for the shared currency comes after recent positive results in fundamentals of the broader Euroland hinted at the likeliness of a “V”-shaped recovery, relegating to some extent jitters following fresh COVID-19 outbreaks.

In the docket, Investors Confidence in the euro bloc tracked by the Sentix Index improved to -18.2, although still navigates the negative territory. Earlier, Retail Sales in the region expanded more than expected and German Factory Orders showed a stark rebound in May, although the reading came in below consensus.

Later in the NA session, all the attention is expected to be on the ISM Non-Manufacturing seconded by the final print of Markit’s Services PMI for the month of June.

EUR/JPY relevant levels

At the moment the cross is gaining 0.51% at 121.53 and faces the next hurdle at 122.11 (high Jun.16) seconded by 122.87 (monthly low jun.16) and then 124.43 (2020 high Jun.5). On the other hand, a drop below 119.64 (200-day SMA) would expose 119.31 (monthly low Jun.22) and then 118.81 (100-day SMA).

Some correction in the cross is not ruled out in the very near-term as per overbought conditions in the hourly chart.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!

Latest Forex News

Latest Forex News

Editors’ Picks

EUR/USD extends gains as ADP NFP disappoints with only 167K

EUR/USD is trading above 1.1850, extending its gains after ADP's private-sector report badly misses expectations with an increase of only 167,000 jobs in July. The greenback had already been falling with yields.


XAU/USD bulls unstoppable, renews life-time highs near $2040

With ‘buy the dips’ emerging as the main underlying theme behind the gold price action so far this week, the bulls flex their muscles further to record fresh all-time highs near $2040.

Gold News

GBP/USD trades around to 1.31 amid dollar weakness

GBP/USD is trading around 1.31, recovering as the dollar retreats. The UK government is under scrutiny for its management of the virus crisis. Services PMIs on both sides of the Atlantic are eyed. The ADP NFP missed with 167K.


ETH/BTC on retreat, BTC recovery gains traction

ETH/BTC has topped at $0.03528 on Tuesday and retreated to $0.03448 by the time of writing. The cross has lost about 1% since the start of the day. The RSI on a daily chart reversed to the downside, signaling that the price is ready for a correction from overbought territory.

Read more

WTI hits fresh two-week highs near $42.50 ahead of EIA data

WTI (futures on Nymex) extends its winning-streak into the third straight day on Wednesday, as the bulls challenge the July high of $42.51.

Oil News