EUR/JPY upside remains capped by 118.00 ahead of data

EUR/JPY adds to Wednesday’s gains near the 118.00 handle.
German flash CPI figures are coming up next.
Renewed optimism on the US-China trade war bolsters the mood.

Pablo Piovano FXStreet

EUR/JPY is extending the weekly recovery although a test/surpass of the key barrier at 118.00 the figure still remains elusive.

EUR/JPY focused on trade, data

The cross has picked up extra pace today following some easing concerns on the US-China trade conflict after both parties showed some confidence that talks could resume anytime soon.

This news pushed US yields higher and alleviated somehow the buying pressure in the Japanese safe haven, in turn propping up the upside mood in the cross. However, the selling bias is reluctant to abandon the shared currency, keeping occasional bullish attempts in the cross limited.

In the docket, advanced German inflation figures for the current month are coming up next. Earlier, the German jobless rate stayed unchanged at 5.0% in July, while the unemployment rose by 4K in August, as expected.

In the US, another estimate of the Q2 GDP is due seconded by Trade Balance figures and Pending Home Sales.

EUR/JPY relevant levels

At the moment the cross is advancing 0.08% at 117.64 and faces the next up barrier at 118.18 (21-day SMA) followed by 119.87 (high Aug.6) and then 120.26 (55-day SMA). On the other hand, a breakdown of 116.56 (2019 low Aug.26) would open the door to 114.85 (2017 low Apr.17) and finally 113.71 (monthly low Nov.9 2016).

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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