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5 May 2016

EUR/JPY: Upside capped near 123.10, awaits fresh impetus

The EUR/JPY cross failed to sustain above 123 handle yet again and met fresh supply, now sliding to fresh session lows ahead of 5-DMA located at 122.58.

EUR/JPY drops on broad euro strength

The EUR/JPY pair now drops -0.17% and hovers within a striking distance of fresh session lows of 122.70. The cross in the EUR/JPY fell back in the red zone as the European currency extends its downward spiral versus it American counterpart amid renewed demand for the US dollar ahead of the US unemployment claims data, scheduled for release later in the NA session.

However, the losses remain capped as the yen remains broadly weak on the back of an improved risk tone on rallying oil prices. Meanwhile, in absence of economic news from the Euro land towards the latter part of this week, focus now remains on the key US jobs data due tomorrow.

EUR/JPY Levels to consider
The pair has an immediate resistance at 123.13/123.48 (daily high/ 10-DMA) and from there to 124 (round number). On the flip side, support is seen at 121.80/77 round number/ May 2 low) below which it could extend losses to towards 121.63 (3-year low).
May 5, 2016

GBP/JPY continues to flirt with 155.00 handle ahead of UK PMI

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