EUR/JPY stumbles further on the session under 115.00
The pair is now taking out support from the April 2017 low @ 114.85 as price hits fresh lows since November 2016 as the euro continues to keep weaker on the session while the yen is maintaining its advance since Asia Pacific trading earlier.
The overall risk mood is more mixed with US futures still keeping higher by around 0.7% but European equities are still tepid, trading a little lower closer to flat levels on the day.
For EUR/JPY, price had previously been able to lean on support around 116.00 and the 76.4 retracement level @ 116.16 but the run lower over the past few sessions is opening up the next downside leg in the pair under 115.00.
The euro has been struggling after a bit-part recovery towards the end of last week fell flat – with EUR/USD failing to breach its 100-day moving average – and the recent worries posed by Germany on the stability of the euro is adding to downside pressures this week.
If sellers can keep a break under 114.85, it will provide a good platform to build on a further move lower towards support around the region of 112.30-60 next.
In the bigger picture, the key level to watch on any protracted downside move will be the 2016 low @ 109.57. A firm break under that sees little in the way of a move towards 100.00: