EUR/JPY gathers traction to the 120.00 area, multi-week highs

EUR/JPY climbs further and clinches tops just below 120.00.
JPY-selling intensifies on improved risk sentiment.
Higher US yields also accompany the up move in the cross.

Pablo Piovano FXStreet

The better tone in the risk-associated space keeps sustaining the up move in EUR/JPY, this time to levels just shy of the psychological 120.00 the figure.

EUR/JPY upside propped up by risk-on mood

The recent progress in the Brexit negotiations and auspicious headlines from the US-China trade talks in Washington have been lending extra oxygen to the riskier assets in past hours.

Indeed, positive developments from these major events in the FX markets have been sustaining the sharp rebound in European yields and their peers across the pond, all in detriment of safe havens and favouring the rally in the cross to levels last seen in early September near 120.00.

In the docket, final German inflation figures for the month of September matched the preliminary readings. In the US, Exports Prices contracted 0.2% MoM during September and Import Prices expanded 0.2% MoM. Later, the preliminary U-Mich index for the current month is due.

EUR/JPY relevant levels

At the moment the cross is advancing 0.81% at 119.77 and faces the next resistance at 119.91 (55-day SMA) seconded by 120.01 (monthly high Sep.13) and finally 122.37 (200-day SMA). On the downside, a breach of 118.32 (21-day SMA) would expose 117.07 (monthly low Oct.3/7) and then 116.56 (low Aug.26).

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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