EUR/JPY bounces off lows, hovering over 119.80

After dropping to fresh lows near 119.60 in early trade, EUR/JPY is now attempting to clinch the 119.80 level although it remains well entrenched into the red territory.

EUR/JPY weaker on EUR-selling

The cross is retreating for the second session in a row so far today, trading in the lower bound of the weekly range following a persistent selling bias around the European currency while a decent bid tone stays around the safe haven Yen.

EUR remains under pressure amidst a pick up in the demand for the greenback, while the poor performance from US yields and some risk aversion following the ‘Trumpcare’ fiasco and developments around Brexit have lent extra support to JPY.

Nothing noteworthy data wise today, although the speech by UK’s PM Theresa May should keep markets entertained, as she will finally trigger Article 50.

EUR/JPY relevant levels

At the moment the cross is losing 0.32% at 119.78 facing the immediate support at 119.67 (low Mar.29) followed by 119.27 (low Mar.23) and then 118.18 (2017 low Feb.24). On the other hand, a surpass of 120.44 (high Mar.29) would expose 120.87 (20-day sma) and finally 121.88 (high Mar.21).