EUR/JPY sidelined near 124.50 ahead of EMU data

EUR/JPY is trading within a tight range at the beginning of the week, currently hovering over the mid-124.00s ahead of data in the euro area.

EUR/JPY gains capped near 124.70

The cross met some sellers after hitting fresh daily tops in the vicinity of 124.70 during overnight trade, although some decent support seems to have emerged in the 124.40 region for the time being.

In the meantime EUR/JPY appears in a consolidative mode around the lower end of the recent range, as market participants continue to digest last Friday’s deep pullback following US non-farm payrolls.

On the data front today, the EMU’s Sentix index is due along with final prints of May’s services PMI in the region, while the next relevant event in Japan will be the GDP figures for the first quarter, due on Thursday.

EUR/JPY relevant levels

At the moment the cross is up 0.01% at 124.54 facing the next hurdle at 125.31 (high Jun.2) seconded by 125.47 (high May 26) and finally 125.83 (2017 high May 25). On the flip side, a breach of 123.12 (low May 30) would expose 122.52 (low May 18) and then 121.19 (100-day sma).