EUR/JPY: Downside opens up towards 119.30, risk-off persists

A generalized strength seen in the Japanese yen so far this session, in the wake of risk-off markets, continues to weigh heavily on the EUR/JPY cross.

EUR/JPY: Losing sight of 120 handle

The EUR/JPY pair now drops -0.44% to trade at 119.69, hovering with a striking distance of two-day lows struck at 119.61 earlier today. The immense selling pressure seen behind USD/JPY outweighs the gains seen in the EUR/USD pair amid broad based US dollar weakness, triggered by tumbling treasury yields, after the US President Donald Trump’s failed to replace the healthcare bill through congress.

Later today, the unwinding of Trump trade will continue to dominate markets, while the German Ifo business climate data and Fedspeaks will be closely eyed for fresh take on the cross.

EUR/JPY: Technical Levels

Higher side: 119.90/120 (5-DMA/ round number), 120.52/67 (10-DMA/ round number)

Lower side: 119.48 (Classic S2/ Fib S3), 119 (zero figure)