EUR/JPY Drops to One-Month Low
JPY is being pushed higher once again in early Europe, pushing the EUR/JPY cross down to 124.30; the lowest since March 10.
Drops for fifth straight session
The cross is trading lower for the fifth consecutive session. Yen bulls have been on the rampage since last few days and Bank of Japan appears to have thrown in the towel in its fight against Yen strength, given the policymakers have ruled out intervention. This coupled with falling US rate hike bets indicates there is very little threat to JPY bulls.
Meanwhile, EUR/USD is on the rise as well, however, the pair is struggling to take out hurdle at 1.1430 for past few sessions. Consequently, EUR/JPY cross fell to near one-month low.
EUR/JPY Technical Levels
The immediate support is seen at 124.00, under which the cross could target 123.65 (Mar 10 low). A break lower would expose 123.06 (Mar 9 low). Conversely, acceptance above 124.67 (Mar 22 low) would open doors for a re-test of 125.00. A violation there would expose 125.78 (5-DMA).
(Market News Provided by FXstreet)