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.

Pablo Piovano FXStreet

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).

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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