EUR/JPY upside halted ahead of 122.00

The buying interest around the single currency has now picked up extra pace, lifting EUR/JPY to the boundaries of the key 122.00 hanlde.

EUR/JPY up on US data

The cross gained momentum following the disappointing results from the US docket, where Personal Income/Spending came in below estimates and US inflation gauges by the PCE showed lack of upside traction.

Adding to the up move, the demand for the safe haven currency remains subdued as market sentiment continues to favour the risk-associated space, while the poor PMI print from the Japanese economy has collaborated with the upside.

In the meantime, the cross is posting its third consecutive week with gains and navigating levels last seen in mid-March around 122.00 the figure, extending at the same time the bounce of April’s low in the 114.80 region (April 17).

EUR/JPY relevant levels

At the moment the cross is up 0.21% at 121.86 facing the immediate hurdle at 122.00 (high Apr.26) followed by 122.28 (high Mar.17) and finally 122.89 (high Mar.13). On the flip side, a breach of 120.65 (100-day sma) would expose 120.57 (low Apr.27) and finally 119.53 (55-day sma).