EUR/JPY struggles to surpass the 124.00 area, session tops

The cross moves higher and challenges daily highs near 124.00.
The better tone in the riskier assets favours the up move.
EMU’s Retail Sales, Sentix came in above expectations.

Pablo Piovano FXStreet

The continuation of the bid tone around the shared currency helped EUR/JPY to clinch fresh tops in the boundaries of 124.00 the figure, where sellers appear to be clustered.

EUR/JPY supported near 119.00

The cross is looking to add gains to the ongoing recovery from last week’s lows in the 119.00 neighbourhood following the ‘flash crash’ in the Japanese currency.

The continuation of the upbeat sentiment around the European currency and the risk-associated assets in general has been collaborating to the up move in EUR/JPY to fresh 3-day peaks near 124.00 the figure.

Expectations of a deal in the US-China 2-day trade talks starting today in Beijing have been sustaining the optimism around the riskier assets in past hours, weighing at the same on the demand for the safe haven JPY.

Today’s docket saw German Factory Orders contracting at a monthly 1.0% in November, while Retail Sales expanded more than expected 1.4% inter-month during the same period. In the broader euro area, Retail Sales (0.6% MoM) and the Sentix index (-1.5) both surpassed estimates in November and January, respectively.

EUR/JPY relevant levels

At the moment the cross is gaining 0.21% at 123.94 facing the next up barrier at 124.02 (low Jan.4) seconded by 124.83 (10-day SMA) and finally 126.43 (21-day SMA). On the other hand, a breakdown of 121.29 (low Jan.3) would aim for 118.97 (2019 low Jan.2) and then 118.24 (monthly low Feb.27 2017).

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.

EUR/USD holds above 1.1800 after German sentiment data

EUR/USD stays in positive territory above 1.1800 on Monday after the data from Germany highlighted a modest improvement in business sentiment in February. Meanwhile, the US Dollar stays under pressure amid growing unceratinty surrounding the US trade regime, allowing the pair to hold its ground.

GBP/USD rises toward 1.3550 as tariff confusion slams USD

GBP/USD extends the advance toward 1.3550 on Monday. The US Dollar faces intense selling pressure as tariff uncertainty lingers following US President Trump's latest announcement. Traders will take more cues from the broader market sentiment and central bank talks.

Gold climbs above $5,100 on broad USD weakness

Gold sticks to its bullish bias near the monthly above $5,100 on Monday. Renewed trade-war fears, along with rising geopolitical tensions in the Middle East, turn out to be key factors that underpin the safe-haven precious metal and validate the constructive outlook.

Cardano braces for impact as US tariff storm brews

Cardano is down 4% at press time on Monday, entering its third consecutive day of decline. Bearish bias in Cardano’s derivatives market positional buildup aligns with rising pressure on the broader cryptocurrencymarket amid US President Donald Trump's reassessment of global tariffs and domestic conflict with the US Supreme Court.

Supreme Court nixes tariffs, Trump teases 15% global tariff

On February 20th, the Supreme Court ruled that Trump’s global tariffs under IEEPA authority were unconstitutional, effectively nullifying the framework. However, the relief was short-lived. Within hours, Trump floated a 15% blanket tariff under an alternative legal authority.

Top Crypto Losers: Zcash, Pump.fun, and LayerZero extended losses as Bitcoin loses $65,000

The cryptocurrency market starts the week in panic mode, with altcoins Zcash, Pump.fun, and LayerZero. Bitcoin falls below $65,000 as the US President Donald Trump regroups amid renewed trade policy risks.