EUR/JPY holding on to 117.40

EUR/JPY has trimmed some of yesterday’s losses, although it remains under pressure despite the daily advance.

EUR/JPY bounces off 115.50

After testing levels last seen in January 2013 in the mid-115.00s, the cross has managed to regain some traction and retake the 117.00 and beyond, although gains still appear somewhat limited as the Japanese currency remains bid in a risk-off environment.

Data wise, EMU’s Current Account results for the month of April and Q1’s Labor Cost are due later, while market participants remain vigilant on any development/news coming from the BoJ after the recent ‘on hold’ decision.

EUR/JPY relevant levels

At the moment the cross is advancing 0.28% at 117.37 and a break above 121.34 (20-day sma) would expose 122.86 (55-day sma) and finally 124.25 (high May 31). On the other hand, the next support aligns at 115.50 (2016 low Jun.16) followed by 113.54 (monthly low January 2013) and then 105.93 (monthly low December 2012).