EUR/JPY clocks fresh 6-day highs, 124.00 back on sight

The EUR/JPY cross builds onto Friday’s rally and now makes headways towards Dec 30 high reached at 123.89 amid ongoing weakness in the yen against the American dollar.

EUR/JPY trades above all major DMAs

The EUR/JPY pair now gains +0.32% and flirts with six-day tops reached at 123.64, as the bulls remain underpinned amid renewed broad based USD buying and higher treasury yields, which add sharply to the bid tone around USD/JPY. Friday’s upbeat US jobs report continues to buoy the sentiment around the buck.

However, the cross struggles to extend higher, as the EUR/USD pair remains on the offers ahead of the German industrial production and trade data due out in early Europe.

EUR/JPY: Technical Levels

Higher side: 123.89 (Dec 30 high), 124.13 (Dec 15 high)

Lower side: 123.10 (5-DMA), 122.71 (20-DMA)