EUR/JPY Halts 2-Day Sell-off, Regains 122 Handle
The EUR/JPY battering
seen last week appears to stall this Monday, with the JPY bulls having
taken a backseat ahead of the key US NFP release.
EUR/JPY moves-off 3-year low
The
EUR/JPY pair now gains 0.12% to 122.09, retreating from near multi-year
troughs reached at 121.63 last Friday. The bulls breathe a sigh of
relief after last week’s extensive sell-off; largely on the
strengthening EUR/USD pair as US dollar continues to slide amid falling
odds of a Fed rate hike this June/July.
Also, a minor
corrective mode seen in the Japanese yen against its American
counterpart this Monday added to the upbeat sentiment around EUR/JPY.
Meanwhile,
markets now look forward to a raft of final manufacturing PMI reports
from across the Euro area economies for fresh incentives on the cross.
EUR/JPY Levels to consider
The
pair has an immediate resistance at 122.50 (psychological levels) and
from there to 122.97/123 (Apr 29 High). On the flip side, support is
seen at 121.80/77 round number/ daily low) below which it could extend
losses to towards 121.63 (3-year low).
