EUR/JPY retreats from multi-day peaks, near 131.30

• The cross clinched fresh tops near 131.50, just to ease some ground later.
• EUR remains under pressure amidst rising risk-on mood.
• Risk sentiment keeps fuelling outflows from the Japanese safe haven.

EUR/JPY recorded fresh multi-day peaks in the mid-131.00s earlier in the session, although the up move seems to have run out of steam and forced the cross to recede to the 131.35/30 band.

EUR/JPY higher on JPY-weakness

Shrinking concerns over the likeliness of a trade war between the US and China has been fuelling the positive sentiment in the risk-associated universe today, and therefore motivating JPY-sellers to rush into the markets.

Despite the third consecutive daily advance, the cross remains submerged within the broader consolidative theme prevailing since late February, with clear contention in the 129.00 neighbourhood while the upside appears limited above 132.00 the figure.

In the data space, final February’s Services PMIs in Euroland came in below expectations. EMU’s Retail Sales followed suit, while on the brighter side Producer Prices rose more than forecasted.

Looking ahead, the upcoming US Non-farm Payrolls (Friday) remain poised to drive the sentiment in the global markets in the near term.

EUR/JPY relevant levels

At the moment the cross is gaining 0.15% at 131.31 facing the next up barrier at 131.84 (high Mar.27) seconded by 132.13 (200-day sma) and finally 132.46 (high Mar.13). On the downside, a breach of 130.81 (10-day sma) would aim for 129.97 (low Apr.3) and then 129.34 (low Mar.5).