- EUR / JPY is moving to levels last seen in October 2018.
- US yields are fueling the selling pressure of the Japanese yen.
- The first quarter GDP of the United States surprised to the upside; Claims increased by 553,000.
The sell bias in the Japanese yen motivates the EUR/JPY to accelerate the rise to the area above the 132.00 level, while achieving new 2021 highs.
EUR / JPY rises due to the sale of JPY
Meanwhile, the EUR/JPY it is navigating levels last seen in October 2018 beyond 132.00, always on the back of the moderate rebound in US yields and the consequent downward pressure on the Japanese safe haven.
Meanwhile, the dollar holds on to daily gains, while the single currency maintains stable performance so far on Thursday.
On the agenda, preliminary German inflation figures showed that the headline CPI is expected to rise 0.7% month-on-month in April and 2.0% year-on-year. In the US, and following preliminary GDP figures, the economy is forecast to expand at an annualized 6.4% during the January to March period. Additionally, initial claims increased by 553,000 over the past week, slightly below consensus.
Relevant levels
So far, the crossing is gaining 0.52% to 132.34 and a breakthrough of 132.36 (April 29, 2021 high) would pave the way for a test of 133.00 (psychological hurdle) and then 133.13 (September 21 monthly high). 2018). On the downside, next support emerges at 129.68 (50-day SMA) followed by 128.29 (March 24 weekly low) and finally 128.08 (100-day SMA).
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