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EUR/JPY tumbles to weekly lows near 119.60

  • EUR/JPY debilitates further on continuous JPY-buying on Tuesday.
  • Rising coronavirus jitters keep hurting the mood in the global markets.
  • US CB’s Consumer Confidence gauge next of relevance across the pond.

The increasing buying interest around the Japanese safe haven keeps weighing on EUR/JPY and forces it to trade in multi-day lows in the 119.60 region.

EUR/JPY focused on risk aversion, coronavirus

EUR/JPY is down for the second session in a row on Tuesday, intensifying the pessimism at the beginning of the week and all in response to a pick-up in the sentiment towards the safe havens.

Indeed, the stark resurgence of coronavirus fears boosted the demand for the Japanese currency and undermined the recovery in the euro, all motivating the cross to firstly, break below the key 200-day SMA, and secondly, open the door to a potential new visit to the mid-118.00s, or YTD lows.

Nothing noteworthy in the euro calendar on Tuesday, whereas the Conference Board’s Consumer Sentiment gauge for the current month should be the salient event later in the NA session.

EUR/JPY relevant levels

At the moment the cross is retreating 0.26% at 119.82 and a drop below 118.46 (2020 low Feb.18) would expose 117.07 (monthly low Oct.7 2019) and finally 115.86 (2019 low Sep.3). On the other hand, the next barrier is located at 121.39 (weekly high Feb.20) followed by 122.65 (monthly high Dec.13) and then 122.87 (2020 high Jan.16).

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