EUR/JPY supported above 5-DMA, despite risk-aversion

The EUR/JPY cross remains on the offers amid broad yen strength, as risk-off remains in full swings, following reports of the North Korean missiles launch.

EUR/JPY fails to hold above 121 handle

The EUR/JPY pair now drops -0.35% to trade at 120.76, hovering with a striking distance of 120.68 struck last hour. The cross remains heavy as weakness seen in both the EUR/USD and USD/JPY pair in response to risk-averse market condition, with investors looking to protect their capital.

Also, resurgent US dollar demand across the board fuels renewed selling pressure behind EUR/USD, eventually collaborating to the downside in EUR/JPY. Looking ahead, the spot eyes the Eurozone retail PMI and Sentix investor confidence data to lift the sentiment around the EUR.

EUR/JPY: Technical Levels

Higher side: 121.03/19 (50-DMA/ daily high), 121.40/50 (Classic R3/ psychological levels)

Lower side: 120.58/47 (5-DMA/ Classic R3), 120/119.96 (zero figure/ Mar 3 low)