EUR/JPY challenges 120.00, fresh multi-day lows

The softer tone in the single currency is now dragging EUR/JPY to print fresh 3-week lows in the 120.00 neighbourhood.

EUR/JPY supported near 119.80

The cross has managed to come back from earlier session lows in the vicinity of the 119.80 region, although it keeps intact the bearish note backed by a renewed offered bias around EUR and some buying interest in JPY following auspicious results from the Japanese trade balance.

EUR/JPY has dipped to fresh 3-week lows in the 119.80 region, coming down from recent peaks near 122.80 and paving the way at the same time for a visit to the area of YTD lows in the boundaries of 118.00 the figure.

In the data space, Japanese trade balance figures showed a surplus of ¥813 billion while the BoJ minutes showed nothing new from the central bank. In Euroland, EMU’s Current Account surplus shrunk to €24.1 billion in January.

EUR/JPY relevant levels

At the moment the cross is losing 0.49% at 120.17 facing the immediate support at 119.80 (low Mar.22) ahead of 118.18 (2017 low Feb.24) and then 117.60 (200-day sma). On the other hand, a surpass of 121.12 (55-day sma) would expose 122.28 (high Mar.17) and finally 122.89 (high Mar.13).