EUR/JPY trims gains from 5-month peak, still well-bid for 7th straight session

The EUR/JPY cross reversed majority of its early gains to 5-month high and is now heading to the lower end of daily trading range. 

Currently trading around 119.75 region, the cross retraced from session peak as relentless selling pressure around the Japanese Yen seems to halted for the time being. Moreover, weaker trading sentiment around European equity markets is further boosting the Japanese Yen's safe-haven appeal and contributing to the pair's retracement from multi-month highs. 

However, a strong bid tone around the shared currency, helping the EUR/USD major to stage a goodish recovery from 11-month lows, limited further downslide and has also helped the cross to maintain strong bid tone for the seventh straight session.

With an empty European economic docket, broader market risk sentiment would continue to be a key driver for the pair's price-action on Friday. 

Technical levels to watch

Immediate downside support is pegged near 119.50 area below which the cross seems vulnerable to head back towards testing 200-day SMA resistance break-point, now turned support, near 118.50 region, with 119.00 round figure mark providing some intermediate support. On the upside, 120.00 psychological mark remains immediate hurdle, which if cleared decisively should target 120.94 (June 23 high) ahead of 122.00 round figure mark (June 24 high).

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