EUR/JPY met resistance at the 10-day SMA near 117.80

EUR/JPY stays on the defensive in the mid-117.00s.
US-China trade war remains a key driver for price action.
German final Q2 GDP disappointed expectations.

Pablo Piovano FXStreet

The positive note around the Japanese safe haven sent EUR/JPY to the 117.50 region after faltering ahead of the 10-day SMA in the 117.80/85 band.

EUR/JPY looks to trade, data

The cross has resumed the downside on Tuesday following yesterday’s bullish ‘outside day’.

EUR/JPY slipped back into the negative territory following rising uncertainty regarding the potential resumption of trade talks between the US and China in the near term. Rising doubts on this scenario pushed US yields lower and gave extra wings to the Japanese currency.

In addition, the absence of a clear direction in the single currency is also weighing on the cross, particularly after final German Q2 GDP figures failed to ignite a positive reaction among investors earlier today.

In today’s docket and later in the NA session, the Conference Board will publish its gauge of Consumer Confidence for the current month.

EUR/JPY relevant levels

At the moment the cross is losing 0.34% at 117.36 and a breach of 116.56 (2019 low Aug.26) would open the door to 114.85 (2017 low Apr.17) and finally 113.71 (monthly low Nov.9 2016). On the upside, the next hurdle is located at 118.49 (21-day SMA) followed by 119.87 (high Aug.6) and then 120.43 (55-day SMA).

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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