EUR/JPY: Upside remains capped near 115.80

The bullish momentum behind EUR/JPY appears to have stalled for now, as the euro is seen losing further ground across the board as we progress towards the European morning bells.

EUR/JPY holds above daily pivot at 115.45

The EUR/JPY pair advances +0.66% to 115.59, having reversed a renewed uptick to 115.78 levels. The cross remains strongly bid in a risk-friendly market environment, led by FBI clearance of Clinton’s emails, which drove the treasury yields higher and crushed demand for the safe-haven yen.

However, further upside attempts remain capped on the back of steep losses seen in the EUR/USD pair, in response to a broadly higher US dollar and US elections-backed volatility. Focus now remains on a slew of macro updates from the Euroland ahead of the US LMCI data due later in the NA session.

EUR/JPY Levels to consider  

The pair has an immediate resistance at 115.89 (daily high) and from there to 116.46 (daily R2) and 117 (round number) next. On the flip side, next supports are seen at 115.01 (5-DMA) and 114.45/32 (100 & 20-DMA) below which it could extend losses to towards 113.96 (Nov 3 low).