- The upside in EUR/JPY appears limited above the 123.00 mark.
- Trade jitters, risk appetite trends should drive the mood in the cross.
- German Producer Prices surprised to the upside in April.
Alternating risk appetite trends are leaving EUR/JPY almost unchanged for the day following the recent failed attempt to extend the breakout of 123.00 the figure.
EUR/JPY still supported near 122.00
The cross continues to trade within a rangebound theme after bottoming out in the boundaries of the 122.00 neighbourhood during last week.
In spite of the recent collapse of US-China trade negotiations, the trade front should remain a key driver of the price action in the risk-associated space. In this regard, it is worth noting that consensus among investors keep pointing to an eventual agreement in the next months, somehow sustaining outflows from the Japanese safe haven.
News from the calendar saw German Producer Prices rising more than initially estimated during April, while the Current Account surplus in the broader euro bloc shrunk a tad to €24.7 billion in March.
EUR/JPY relevant levels
At the moment the cross is gaining 0.04% at 123.83 and faces initial resistance at 123.19 (high May 20) followed by 123.94 (21-day SMA) and finally 125.23 (monthly high May 1). On the other hand, a breach of 122.08 (low May 15) would aim for 120.54 (monthly low Jan.17 2017) and then 118.82 (2019 low Jan.3 ‘flash crash’).
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
GBP/USD treads water near 1.2950 ahead of UK data
GBP/USD holds steady near 1.2950 in Friday's European trading hours. Uncertainty over US President Trump's tariff plans dominate and weigh on the risk-sensitive currency pair as traders look to top-tier UK and US data for fresh trading impetus.
Gold price retains bullish bias near record high as trade tensions boosts safe-haven demand
Gold price continues to attract safe-haven flows amid rising trade tensions. Fed rate cut bets keep the USD bulls on the defensive and also lend support. Traders now look to the US PCE Price Index for some meaningful impetus.
EUR/USD trades with mild losses below 1.0800, awaits US PCE
EUR/USD is on the back foot below 1.0800 early Friday, struggling to capitalize on the previous day's goodish bounce. Trump's tariff jitters keep investors on the edge, leaving the pair gyrating in a range ahead of the key US PCE inflation data.
Bitcoin stabilizes while Ethereum and Ripple show weakness
Bitcoin price stabilizes at around $87,000 on Friday, as its RSI indicates indecisiveness among traders. However, Ethereum and Ripple show signs of weakness as they face resistance around their key levels and face a pullback this week.
US: Trump's 'Liberation day' – What to expect?
Trump has so far enacted tariff changes that have lifted the trade-weighted average tariff rate on all US imports by around 5.5-6.0%-points. While re-rerouting of trade will decrease the effectiveness of tariffs over time, the current level is already close to the highest since the second world war.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.