EUR/JPY off highs near 121.80 ahead of NFP

EUR/JPY’s daily upside lost impetus near 121.80.
EUR-weakness remains behind the price action in the cross.
US Non-farm Payrolls coming up next in the docket.

Pablo Piovano FXStreet

The unremitting selling mood surrounding the single currency has dragged EUR/JPY from the area of weekly highs near 121.80 to the current 121.60 region, near Thursday’s close.

EUR/JPY focused on US data

After climbing as high as the 121.75/80, or weekly tops, the upside momentum in the cross run out of steam and is now attempting a knee-jerk on the back of EUR-selling and the pick-up in the demand for the safe haven yen.

Indeed, easing geopolitical jitters in past hours have motivated market participants to keep unwinding JPY long positions, helping at the same time the cross to rebound from the 120.00 neighbourhood.

Later in the day, the US Non-farm Payrolls are expected to keep markets entertained. Previous consensus sees the economy to have added nearly 170K jobs during December and the jobless rate to stay unaltered at 3.5%.

EUR/JPY relevant levels

At the moment the cross is losing 0.02% at 121.61 and a breach of 121.00 (200-day SMA) would aim for 120.83 (55-day SMA) and finally 120.16 (2020 low Jan.3). On the other hand, the next up barrier emerges at 121.77 (high Jan.10) seconded by 122.23 (monthly high Dec.23 2019) and then 123.35 (monthly high Jul.1 2019).

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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