EUR/JPY looks firmer and approaches 132.00

EUR/JPY trades with an upside bias near the 132.00 mark.
The dollar looks depressed ahead of April Payrolls.
ECB’s Lagarde said climate change will be part of policy.

Pablo Piovano FXStreet

EUR/JPY extends the weekly recovery and trades at shouting distance from the key barrier at 132.00 the figure on Friday.

EUR/JPY bid ahead of Payrolls

EUR/JPY keeps the upbeat mood in the second half of the week and navigates new multi-day highs in the proximity of the 132.00 yardstick.

The persistent selling bias in the greenback, steady US yields and the consolidative fashion surrounding the Japanese yen keep sustaining the upside momentum in the European currency and push the cross to higher ground.

Data wise in Euroland, German Industrial Production expanded more than expected in March, while the trade surplus shrunk somewhat in the same period.

Investors’ attention, however, remains on the US monthly report, with consensus seeing the US economy to have added nearly 980K jobs during April, while the jobless rate is expected to recede to 5.8% (from 6.0%). Better-than-expected results are predicted to lend fresh legs to the dollar and supports the strong US economic rebound narrative, at least in the short-term horizon.

EUR/JPY relevant levels

So far, the cross is gaining 0.13% at 131.76 and a surpass of 132.36 (2021 high Apr.29) would pave the way for a test of 133.00 (psychological hurdle) and then 133.13 (monthly high Sep.21 2018). On the flip side, immediate contention is located at 130.98 (weekly/monthly low May 5) seconded by 130.05 (50-day SMA) and finally 129.58 (weekly low Apr.23).

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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