EUR/JPY: Uptick stalled at 5-DMA

By FXStreet The EUR/JPY strengthened in Asia as Nikkei rose, but the bid tone weakened around 5-DMA located at 124.12 levels.

Focus on oil

Oil prices are down once again in early Europe and may strengthen the bid tone around the safe haven assets – Yen, Gold, Treasuries. Japan’s Nikkei ended with gains and weakened Yen. However, weakness in oil is once again helping the Yen gain ground.

Consequently, EUR/JPY trimmed gains to trade around 123.85 levels. The cross remains at the mercy of the overall market sentiment. The Eurozone CPI figure due later today could also influence the pair.

EUR/JPY Technical Levels

The immediate hurdle is seen at 124.12 (5-DMA), above which the cross could target 125 handle. On the other hand, a break below 123.62 (previous day’s high) would open doors for a slide to 122.45 (previous day’s low).
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Source:: FX Street