- 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.
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).
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
AUD/USD eases toward 0.6500 after mixed Australian trade data
AUD/USD is seeing some fresh selling interest in the Asian session on Thursday, following the release of mixed Australian trade data. The pair has stalled its recovery mode, as the US Dollar attempts a bounce after the Fed-led sell-off.
USD/JPY rebounds above 156.00 after probable Japan's intervention-led crash
USD/JPY is staging a solid comeback above 156.00, having lost nearly 450 pips in some minutes after the Japanese Yen rallied hard on another suspected Japan FX market intervention in the late American session on Wednesday.
Gold price stalls rebound below $2,330 as US Dollar recovers
Gold price is holding the rebound below $2,330 in Asian trading on Thursday, as the US Dollar recovers in sync with the USD/JPY pair and the US Treasury bond yields, in the aftermath of the Fed decision and the likely Japanese FX intervention.
Solana price dumps 21% on week as round three of FTX estate sale of SOL commences
Solana price is down almost 5% in the past 24 hours and over 20% in the last seven days. The dump comes as the broader crypto market contracts with Bitcoin price leading the pack as it slides below the $58,000 threshold to test the Bull Market Support Band Indicator.
The FOMC whipsaw and more Yen intervention in focus
Market participants clung to every word uttered by Chair Powell as risk assets whipped around in a frenetic fashion during the afternoon US trading session.