EUR/JPY weaker, tumbles to session lows near 122.40


  • The selling pressure around EUR drags the cross lower.
  • The mood around JPY remains bid and adds to the downside.
  • EMU final April CPI matched preliminary figures. Core CPI ticked higher.

The bid tone around the Japanese safe haven in combination with the pessimism surrounding the single currency is driving EUR/JPY to fresh lows in the 122.40 region.

EUR/JPY looks to trade, risk-trends

The weakness around the cross has been picking up pace as of late against the backdrop of rising fears over the US-China trade dispute plus renewed political effervescence in Italy.

In fact, trade concerns remain steady - to say the least - despite the lack of fresh headlines from the still ongoing negotiations, while recent comments from Lega Nord’s leader M.Salvini have reignited the struggle between Rome and Brussels with fiscal spending and EU rules in the centre of the debate.

In today’s docket, final April inflation figures in Euroland gauged by the CPI matched the preliminary readings, although Core prices ticked higher to 1.3% YoY (from 1.2%).

EUR/JPY relevant levels

At the moment the cross is retreating 0.25% at 122.41 and a breach of 122.08 (low May 15) would aim for 120.54 (monthly low Jan.17 2017) and then 118.82 (2019 low Jan.3 ‘flash crash’). On the other hand, initial resistance aligns at 123.04 (10-day SMA) followed by 123.61 (high May 10) and finally 124.06 (21-day SMA).

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.

Feed news

Latest Forex News

Editors’ Picks

EUR/USD: Stable amid trade calm and German stimulus hopes

EUR/USD is trading around 1.1100, marginally higher. President Trump expressed optimism about reaching a trade deal with China while Germany's Scholz opened the door to stimulus. EZ Core CPI is confirmed at 0.9%.

EUR/USD News

GBP/USD steady below 1.2150 after Yellowhammer leak, as Corbyn calls for no'confidence

GBP/USD is trading below 1.2150 amid reports of food shortages in case of a hard Brexit, project Yellowhammer. Opposition leader Corbyn calls for a no-confidence motion against the government 

GBP/USD News

USD/JPY bounces off 106.25, focus on Fed minutes, Jackson Hole

USD/JPY bounces off the key support at 106.25 and heads back towards the 106.50 level, in response to downbeat Japanese trade data, risk-on action in the Asian equities and higher Treasury yields.

USD/JPY News

Gold trades with modest losses, still above $1500 mark

Gold prices edged lower for the second consecutive session on Monday, albeit managed to hold its neck above the key $1500 psychological mark.

Gold News

Top 3 Price Prediction Bitcoin, Ripple, Ethereum: Bullish levels to watch after Binance announces Venus vs. Facebook's Libra

Cryptocurrencies have been advancing once again, with Bitcoin topping $10,500, Ethereum clawing its way back above $200, and Ripple extending its gains.

Read more

MAJORS

Cryptocurrencies

Signatures


  •  
  •  
  •  
  •  
  •