EUR/JPY Off Lows as JPY Selling Underway in NY session
The offered tone around JPY gathered traction in the NY session, helping the EUR/JPY cross trim losses to trade around 123.50 levels.
Yen drops across the board
Yen selling began post European opening bell as stocks advanced, thereby curbing haven demand for the bird. Fresh offers came-in after Japanese PM Advisor Hamada said the next move in the Bank of Japan could be expansion of the QE program and/or further rate cuts.
However, the move from the daily low of 123.06 is running out of steam around 123.50 on account of a drop in the EUR/USD pair.
EUR/JPY Technical Levels
The immediate support is seen at 123.00 (psychological figure), under which the cross could target 122.45 (Feb 29 low). On the other side, a break above 124.05 (10-DMA) would open doors for a re-test of 124.47 (23.6% of 132.29-122.06).
(Market News Provided by FXstreet)
