EUR/JPY unchanged around 116.00

Pablo Piovano FXStreet

After climbing as high as the 116.40 area on Tuesday, EUR/JPY has now returned to the 115.85/80 band.

EUR/JPY off highs on JPY strength

The cross has deflated from yesterday’s multi-day tops beyond the 116.00 handle following a pick up in the demand for the safe haven JPY, as risk appetite trends have somewhat ebbed a tad.

In the meantime, the Japanese currency remains under scrutiny following recent announcements of extra stimulus by the government, while data from the euro area showed Industrial Production has contracted more than expected 1.2% MoM during May, reverting April’s 1.4% expansion.

EUR/JPY relevant levels

At the moment the cross is up 0.09% at 115.92 facing the next hurdle at 119.70 (55-day sma) followed by 122.11 (high Jun.24) and finally 126.60 (200-day sma). On the flip side, a breach of 110.54 (low Jul.8) would aim for 109.47 (post-Brexit low Jun.24) and then 105.93 (monthly low December 2012).

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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