EUR/JPY keeps the tight range below 121.00


  • EUR/JPY remains in a consolidative fashion below 121.00.
  • Pandemic vs. economic recovery keeps ruling the global mood.
  • Final Services PMIs surprised to the upside in June.

The mild bias towards the risk aversion is lending some strength to the Japanese safe haven and keeps the upside in EUR/JPY limited in the 121.00 neighbourhood.

EUR/JPY looks to risk trends, coronavirus

EUR/JPY is down for the second session in a row against the backdrop of the generalized thin trade conditions in the global markets due to the Independence Day holiday in the US.

In the meantime, investors continue to gauge the recent upbeat results in fundamentals on both sides of the Atlantic vs. the unabated advance of the coronavirus pandemic and the reopening on economic across the world. These drivers are expected to remain crucial to the direction of markets’ sentiment in the second half of the year.

In the docket, final June Services PMIs in Euroland came in above the preliminary readings. In spite of the positive results, reaction in the euro remained marginal, if any at all.

EUR/JPY relevant levels

At the moment the cross is losing 0.07% at 120.72 and a drop below 119.62 (200-day SMA) would expose 119.31 (monthly low Jun.22) and then 118.78 (100-day SMA). On the upside, the next barrier lines up at 124.48 (monthly high Jul.1) followed by 122.17 (high Jun.16) and finally 124.43 (2020 high Jun.5).

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 recovers towards 1.1750 as risk-on rules

EUR/USD is back around 1.1750 as upbeat US data fueled equities' early rally. Concerns about economic progress remain in the background, as the pandemic keeps taking its toll. 

EUR/USD News

GBP/USD bounces from 1.30 as demand for the dollar eases

Dollar's corrective advance seems complete, now down against most major rivals. GBP/USD trades little changed for a second consecutive day in the 1.3060/70 price zone. Market players continue to ignore upcoming Brexit chaos.

GBP/USD News

Gold: Interesting Fibonacci extension projects a move to $2500

Gold has risen 10.74% in the month of July, the biggest monthly increase since February 2016. As the price is breaking all-time highs it's hard to say where the yellow metal could end up.

Gold News

ETH/BTC skyrocketing, Bitcoin stays above $11,000

The cryptocurrency market is influenced by leveraged positions liquidation. Cryptocurrency experts expect further growth amid a global flight to safety assets. ETH/BTC hits the highest level since May 2019.

Read more

WTI drops below $40 on demand worries, OPEC+ output increase

Crude oil prices posted losses last week and seem to be struggling to shake off the bearish pressure on Monday. As of writing, the barrel of West Texas Intermediate (WTI) was trading at $39.85, losing 1.5% on a daily basis.

Oil News

Forex MAJORS

Cryptocurrencies

Signatures