EUR/JPY Firmer, Closer to 124.00

EUR/JPY Firmer, Closer to 124.00

13 April 2016, 07:56
Roberto Jacobs

EUR/JPY Firmer, Closer to 124.00

The offered tone around the Japanese Yen is bolstering the ongoing upside in EUR/JPY, currently hovering over 123.80.

EUR/JPY up on BoJ easing rumours

The cross is managing to advance for the second session in a row today as the safe haven JPY remains under pressure via rumours of further easing by the BoJ, likely to be announced at next week’s meeting.

Adding to the ongoing JPY-selling, the risk appetite sentiment has been reinforced after positive results from Chinese trade data have surprised markets to the upside. Furthermore, BoJ’s Harada argued the central bank could use a combination of easing measures in case of need.

EUR/JPY relevant levels

At the moment the cross is gaining 0.45% at 123.69 facing the next resistance at 124.38 (38.2% Fibo of 121.98-128.26) followed by 125.66 (20-day sma) and then 126.38 (55-day sma). On the flip side, a break below 122.52 (low Apr.7) would open the door to 121.98 (2016 low Mar.1) and then 118.74 (2013 low Feb.25).

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