EUR/JPY gives away gains, near 117.30 ahead of ZEW

After climbing to fresh highs in the 117.70/75 band on Monday, EUR/JPY has now faded part of that advance and is now trading in the 117.30 area.

EUR/JPY focus on ZEW

Renewed sentiment towards the risk aversion has prompted fresh inflows to the safe haven JPY on Tuesday, dragging the cross back to the low-117.00s in light of the German/EMU ZEW Survey for the current month.

Economic Sentiment in both Germany and the euro area is expected to come in lower for the month of July mainly influenced by the recent decision by the UK to leave the European Union.

Back to Japan, nothing worth mentioning in the data space until Friday’s Manufacturing PMI, while speculations of further easing by the BoJ keep building up ahead of the meeting at the end of the month.

EUR/JPY relevant levels

At the moment the cross is losing 0.28% at 117.24 facing the immediate support at 114.79 (20-day sma) ahead of 110.54 (low Jul.8) and then 109.47 (post-Brexit low Jun.24). On the other hand, a surpass of 118.42 (high Jul.15) would open the door to 119.18 (55-day sma) and finally 122.11 (high Jun.24).