EUR/JPY records 2021 highs near 132.30

EUR/JPY moves to levels last seen in October 2018.
US yields fuel the selling pressure in the Japanese yen.
US flash Q1 GDP surprised to the upside; Claims rose 553K.

Pablo Piovano FXStreet

The selling bias in the Japanese yen motivates EUR/JPY to accelerate the upside to the area above the 132.00 yardstick, clinching at the same time new 2021 highs.

EUR/JPY up on JPY-selling

In the meantime, EUR/JPY navigates levels last seen in October 2018 beyond 132.00 the figure, always on the back of the moderate rebound in US yields and the consequent downside pressure in the Japanese safe haven.

In the meantime, the dollar clings to daily gains while the single currency keeps the steady performance so far on Thursday.

In the docket, German preliminary inflation figures showed the headline CPI is expected to rise 0.7% MoM in April and 2.0% from a year earlier. In the US, and following flash GDP figures, the economy is seen expanding at an annualized 6.4% during the January-March period. In addition, Initial Claims rose by 553K during last week, a tad below consensus.

EUR/JPY relevant levels

So far, the cross is gaining 0.52% at 132.34 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 downside, the next support emerges at 129.68 (50-day SMA) followed by 128.29 (weekly low Mar.24) and finally 128.08 (100-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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