EUR / JPY retraces from two-week highs and marks lows below 130.00

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  • The yen gains momentum as yields on Treasury bonds fall.
  • Euro finds support for the EUR / USD rally.

EUR / JPY is trading around 130.00 after falling as low as 129.80. The price had previously climbed to 130.55, the highest level since March 18.

A sharp decline in USD / JPY weakened EUR / JPY. The advance of the yen occurs before a rise in Treasury bonds. The 10-year rate fell to 1.67%, the lowest level since last Thursday. At the same time, stocks are rising supported by optimism about the global economic recovery.

The euro was able to limit the fall before the rise of the EUR / USD which is close to 1.1850, at highs in almost two weeks. At the same time, the common currency is recovering ground against the pound and is among the European ones with the best performance.

On the technical side, the EUR / JPY failed again near 130.50. This zone is still key and needs to be broken firmly to enable more gains. Between 129.65 and 129.75 there is a series of supports, which if they yield would leave the euro vulnerable to an extension of the retracement. The next target appears at 129.30 / 35.

Technical levels

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