- EUR / JPY fades the initial rally to the 127.30 area.
- The strength of the USD keeps the single currency under pressure.
The EUR/JPY it returns to 127.00 after climbing to the 127.30 area earlier in the session.
EUR / JPY under pressure to buy USD
EUR / JPY is looking to extend the positive streak on Friday and remains at the 127.00 hurdle, falling under some selling pressure after posting fresh weekly highs around 127.30 during early trading.
The improvement in sentiment in the dollar has been exacerbated late in the week by the moderate rally in US yields, with the 10-year benchmark approaching the 1.19% zone. The movement of the dollar weighs on the European currency and balances the selling bias of the Japanese yen.
There are no relevant releases on the euro agenda, while the preliminary US consumer sentiment figure for February will take center stage later in the American session.
Technical levels
At this time, the cross is gaining 0.02% at 127.062 and faces the next bullish barrier at 127.30 (weekly high on February 12) seconded by 127.49 (high on January 7) and then 130.18 (monthly high on November 7, 2018). On the other hand, a drop below 126.10 (February 4 monthly low) would point to 125.59 (January 27 low) and finally 125.08 (January 18 low).
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