EUR / JPY regains traction, supported near 127.50

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  • EUR / JPY once again challenges the 127.50 zone on Thursday.
  • Markets remain on the lookout for upcoming US NFP figures.
  • US yields trade mixed; the yen is fighting the dollar.

The EUR/JPY it manages to reverse the initial drop to the 127.50 region and is posting decent gains so far just below 128.00 on Thursday.

EUR / JPY looks for the direction of risk trends

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EUR / JPY rebounded away from the solid containment zone around 127.50 on Thursday, always in the context of the absence of clear direction in global markets, a slight selling bias in the dollar and increasing caution around progress. of the Omicron variant.

Indeed, the dollar appears to be offered amid the mixed performance of US yields and despite another good figure from weekly US unemployment subsidy claims, all turning into traction for the European currency and the resumption of positive momentum in the crossing.

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On the euro agenda, the unemployment rate in Euroland fell to 7.3% in October. In Japan, consumer confidence stood at 39.2 in November and investment in foreign bonds fell by 1.343.2 billion yen in the week ending November 27.

Technical levels

So far, the cross is gaining 0.26% to 127.95 and a breakout of 128.78 (weekly high on Dec 1) would expose 129.59 (weekly high on Nov 23) and then 130.53 (200-day SMA). On the downside, the next support comes at 127.48 (November 29 monthly low) followed by 126.00 (round level) and finally 125.08 (January 18 low).

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