EUR/JPY struggles to take on the recovery above 119 handle

The common currency is seen trying hard to extend the recovery gains against its Japanese counterpart, with EUR/JPY now flirting with session tops just ahead of 119 handle.

EUR/JPY stages solid comeback

The EUR/JPY pair advances +0.28% to 119, as the renewed uptick in the cross was bolstered by fresh buying interest seen around the USD/JPY pair, in response to stalled selling in the US dollar across the board.

However, further recovery appears to lack momentum, as the EUR/USD pair enters a phase of upside consolidation after the Asian recovery. Moreover, markets await the final PMI readings from across the Euro area economies to gauge the next move in the EUR.

Meanwhile, the US ISM manufacturing PMI report will also provide fresh impetus on the buck, eventually impacting both the EUR and JPY.

EUR/JPY: Technical Levels                               

Higher side: 119.56 (10-DMA), 119.86/ 120 (Mar 31 high/ zero figure), 120.49/50 (20-DMA/ psychological levels)

Lower side: 118.77 (daily pivot), 118.57/50 (Mar 31 low/ round number), 118.36 (200-DMA)