EUR/JPY clings to gains near 122.60

EUR/JPY met further downside pressure today, testing the area of daily lows in the mid-122.00s albeit managing to rebound soon afterwards.

EUR/JPY attention to ZEW

The cross is trading on the defensive fashion during the first half of the week, challenging yesterday’s lows near 122.40 following a renewed offered tone in the single currency and a pick up in the demand for the Japanese Yen.

Nothing relevant from the Japanese data front today, whereas the ZEW Survey is due in both Germany and the euro area. Previously, German Q1 GDP expanded less than forecasted 1.7% YoY and 0.7% inter-quarter. 

EUR/JPY relevant levels

At the moment the cross is up 0.01% at 122.58 and a surpass of 124.55 (55-day sma) would expose 125.79 (100-day sma) and then 126.50 (high Apr.28). On the other hand, the immediate support aligns at 121.98 (low Mar.1) followed by 121.45 (2016 low May 6) and finally 118.74 (2013 low Feb.25).