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EUR/JPY backs away from 4-month highs

FXStreet (Córdoba) - EUR/JPY is advancing for a fourth day in a row Friday, although it retraced some gains after posting a fresh 4-month highs as investors take profits ahead of the weekend.EUR/JPY backs away from 4-month highs

EUR/JPY pushed higher during the Asian session and rose above the 50.0% retracement of the 145.69-135.72 drop to hit its highest level since May at 141.21 before pulling back below the 141 mark. At time of writing, EUR/JPY is trading at 140.50, little changed on the day but poised to record its second weekly gain in a row.

From the data front, the Eurozone reported July’s current account superavit widened to €18.7 billion versus €14.3 billion expected. However, data had virtually no impact on the cross.

EUR/JPY technical levels

In terms of technical levels, EUR/JPY could find next supports at 140.40 (intraday low), 140.00 (psychological level) and 139.77 (200-day SMA). On the flip side, resistances could be found at 141.21 (Sept 19 high), 141.86 (61.8% Fibo of 145.69-135.72) and 142.00 (psychological level).

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