EUR/JPY looks to data
The cross is losing ground for the third session in a row, shedding more than 2 cents since Monday’s peaks near 123.50.
Alternating risk appetite trends have been sustaining the renewed interest around the safe haven JPY in tandem with increasing selling bias in the shared currency.
In fact, US-EU trade concerns, declining German yields have been all collaborating with the downside in the cross, which has picked up pace after it breached the 21-day and 10-day SMAs in the 122.00 neighbourhood.
EUR/JPY relevant levels
At the moment the cross is losing 0.06% at 121.64 and a breakdown of 121.31 (low Jul.3) would expose 120.95 (low Jun.21) and then 120.78 (low Jun.3). On the flip side, the next hurdle emerges at 122.07 (21-day SMA) seconded by 122.94 (55-day SMA) and finally 123.35 (high Jul.1).