EUR/JPY keeps the consolidation around 130.00 ahead of US ISM

EUR/JPY trades within the familiar range above the 130.00 mark.
JPY-strength forced the cross to give away part of the earlier gains.
US ISM Manufacturing takes centre stage later in the NA session.

Pablo Piovano FXStreet

After hitting fresh tops in the 130.40 region, EUR/JPY sparked a knee-jerk to the current area just above the psychological 130.00 yardstick.

EUR/JPY turns negative near 130.00

EUR/JPY extends the side-lined formation around the 130.00 neighbourhood for yet another session, still unable to gather enough traction to surpass last week’s tops in the 130.50 zone.

The cross gives away initial gains and returns to the negative territory on the back of renewed strength in the Japanese yen, which is turn propped up by the downtrend in yields of the US 10-year benchmark.

In the data space, earlier results saw German Retail Sales expanding at a monthly 4.2% in June, while the final Manufacturing PMI in both Germany and the broader Euroland surpassed the preliminary readings.

In the US, Markit will publish its final Manufacturing PMI ahead of the more relevant US ISM Manufacturing for the month of July.

EUR/JPY relevant levels

So far, the cross is losing 0.06% at 130.07 and faces the next down barrier at 128.62 (200-day SMA) followed by 128.59 (monthly low Jul.20) and finally 128.29 (low Mar.24). On the other hand, a surpass of 130.56 (weekly high Jul.29) would expose 130.67 (38.2% Fibo of the January-June rally) and then 131.08 (weekly high Jul.13).

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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