EUR/JPY remains under pressure around 120.00

  • EUR/JPY met daily support near 119.90.
  • US-China trade concerns fuel the demand for the yen.
  • US Consumer Sentiment next of relevance in the calendar.

The bid tone around the Japanese yen continues to weigh on EUR/JPY, dragging it to the 119.90 region earlier in the day, where some support appears to have turned up.

EUR/JPY keeps focused on trade jitters

The cross is down for the second consecutive session at the end of the week, coming under renewed downside pressure in response to the improved sentiment in the safe-haven space.

In fact, the US-China trade scenario has deteriorated as of late along with rising social unrest in Hong Kong, all morphing into extra upside pressure in the Japanese yen and global bonds.

Moving forward, the final print of the November Consumer Sentiment is due later in the NA session along with advanced Manufacturing and Services PMIs measured by Markit.

Earlier in the session, flash Manufacturing PMIs in core Euroland have surprised to the upside for the month of November despite another downtick in the services sector, noting some contagion of the generalized slowdown.

EUR/JPY relevant levels

At the moment the cross is retreating 0.05% at 120.04 and a breach of 119.53 (55-day SMA) would expose 119.24 (monthly low Nov.14) and finally 117.07 (monthly low Oct.7). On the flip side, the next up barrier emerges at 120.68 (high Nov.18) seconded by 121.47 (monthly high Oct.31) and then 121.74 (200-day SMA).

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