The Japanese Yen continues to depreciate during the first half of the week, now lifting EUR/JPY to the area of fresh YTD peaks beyond 126.00 the figure.
EUR/JPY up on EUR-buying
The cross is accelerating its advance to levels last seen in late April 2016 around 126.20/30, up for the third week in a row and always backed by the selling bias surrounding the Japanese safe haven a strong pick up in the demand for the single currency.
In fact, unexpected hawkish comments by President M.Draghi earlier in the session gave extra oxygen to the buying interest around EUR, at the same time helping the cross to extend the bullish momentum beyond the 126.00 mark.
In the data space, Chair J.Yellen’s speech later in the NA session is expected to drive the sentiment in the global markets, while Governor H.Kuroda is due to speak tomorrow.
EUR/JPY relevant levels
At the moment the cross is up 0.98% at 126.28 facing the next hurdle at 128.26 (high Mar.31 2016) seconded by 129.62 (50% Fibo of the 2014-2016 drop) and finally 132.30 (high Jan.29 2016). On the flip side, a breach of 124.86 (38.2% Fibo of the 2014-2016 drop) would expose 124.12 (20-day sma) and then 123.61 (low Jun.21).
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