EUR/JPY: yen top performer and euro losing momentum

Currently, EUR/JPY is trading at 121.23, down -1.00% on the day, having posted a daily high at 122.51 and low at 121.13.

EUR/JPY was sold off below the 122 handle as the yen takes up the lead across the board of G10's. The euro has been capped through the mid-way point of the 1.07 handle and the yen has been testing the 113 handle with a break below to 112.74. Eyes are back on the 55 dma that has been taken out by the cross at 122.26 as a key level and while below, the cross can target 120.50 and lows for 2017.

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EUR/JPY levels

Current price is 121.24, with resistance ahead at 121.47 (Daily Classic S3), 121.70 (Hourly 200 SMA), 121.79 (Hourly 100 SMA), 121.87 (Daily Classic S2) and 121.91 (Hourly 20 EMA). Next support to the downside can be found at 121.13 (Daily Low), 121.00 (Weekly Classic S1), 120.60 (Monthly Low), 120.60 (Weekly Low) and 120.60 (YTD Low).

Analysts at Commerzbank noted the fibo at 119.70 where they would expect the cross to again attempt to stabilise. "Slightly longer term we would allow for gains to extend towards the 128.61/200 month ma."