- USD / JPY rally limits EUR / JPY retracement.
- Cross is moving sideways in the very short term, with a bearish bias.
The EUR / JPY fell to 129,398 recently and then rebounded. It continues to trade sideways near 129.50, with a slight bearish bias. The break of 129.30 would expose last week’s lows at 129.12 and then follow 129.00.
The weakness of the euro maintains the negative bias in the EUR / JPY, which finds support and there, a source of rises, in the falls of the yen. The Japanese currency is one of the most affected by the rise in Treasury yields, which have brought the USD / JPY to the 110.50 zone.
The euro loses ground on several fronts on Tuesday, although it continues to recover against the Swiss franc. EUR / CHF is advancing for the fifth day in a row and has already surpassed 1.0810.
Eurozone data did not help as Germany showed an above-expected drop in the ZEW confidence index. The expectations index fell from 63.3 to 40.4, the lowest since November; and current conditions climbed to 29.3 from 21.9, both below market consensus.
Technical levels
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