EUR/JPY cuts losses, rises above 119.60

The Japanese Yen keeps the firm note on Wednesday, taking EUR/JPY above 119.50.

EUR/JPY supported near 119.30

The pair met increasing selling pressure on Wednesday following a strong rebound in the Japanese safe haven, retreating from early tops above the 120.00 handle to as low as the 119.35/30 band, where the decline seems to have found some respite.

The buying interest around JPY has accelerated during the European afternoon as the demand for the greenback appears to have run out of impetus, prompting USD/JPY to plummets to daily lows in the 111.70 region.

In the meantime, the cross remains in the area of 2-month lows following the recent slump of the European currency coupled with quite a firm stance from the Japanese safe haven.

EUR/JPY relevant levels

At the moment the cross is losing 0.38% at 119.59 facing the immediate support at 119.33 (low Feb.8) ahead of 118.76 (100-day sma) and then 117.87 (200-day sma). On the other hand, a surpass of 120.27 (high Feb.7) would expose 121.53 (high Feb.6) and finally 121.56 (20-day sma).