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EUR/JPY challenges lows around 134.50

FXStreet (Edinburgh) - The Japanese yen remains well bid at the beginning of the week, taking EUR/JPY to the area of session lows near 134.55/50.

EUR/JPY supported around 134.00

The pair keeps the bearish tone for the second consecutive session so far albeit rebounding from yesterday’s troughs in the 134.00 neighbourhood. The global sentiment remains tilted to the risk-off trade so far, sustaining the bid tone around the safe haven JPY while underpinning the drop from September tops beyond the 137.00 handle.

Next on tap data wise for the pair will be EMU’s Economic Sentiment and Consumer Confidence, preceding the German flash CPI for the current month. Back to Japan, Retail Trade and Industrial Production figures are due tomorrow.

EUR/JPY relevant levels

As of writing the cross is retreating 0.20% at 134.55 and a break below 133.94 (low Sep.28) would expose 133.16 (low Sep.23) and finally 132.76 (low Sep.7). On the other hand, the initial hurdle lines up at 134.91 (high Sep.28) followed by 135.39 (high Sep.25) and then 136.14 (high Sep.21).

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