EUR/JPY clocks fresh 5-week highs just ahead of 116.00

The EUR/JPY cross prolongs its upwards trajectory and now jumps further to hit fresh five-week highs amid persisting yen weakness across the board, while all eyes now remain focused on the US payrolls

EUR/JPY: NFP eyed

The EUR/JPY pair now trades +0.36% higher near fresh five-week highs of 116.02, having bounced-off strong support near 115.50 levels. The latest leg higher in the EUR/JPY cross can be mainly attributed to a fresh round of buying seen in the USD/JPY pair, as markets adjust their USD positions heading into the much-awaited US employment data.

While on the EUR-side of the story, the EUR/USD pair shrugged-off weaker Spanish employment data, which showed jobless total up by 14.435. Looking ahead, the cross is likely to get influenced by the USD moves, as markets remain expectant of the

due later in the NA session.

EUR/JPY Levels to consider  

The pair has an immediate resistance at 116.75 (Jul 29 high) and from there to 117 (round figure). On the flip side, support is seen at 115.47 (daily pivot) below which it could extend losses to towards 115.15 (5-DMA).