EUR/JPY pushes higher above 116.00, fresh highs

The increasing selling pressure around the Japanese currency is allowing EUR/JPY to clinch fresh tops above 116.00 the figure on Wednesday.

EUR/JPY higher on JPY-selling

The cross is challenging 2-week peaks beyond the 116.00 handle as the offered tone in the Japanese currency is now gathering extra pace.

In fact, a wave of selling pressure keeps weighing on the Japanese safe haven in response to headlines suggesting BoJ members remain open to further easing, all ahead of the key BoJ meeting later in the month.

In the data space, EMU’s Industrial Production is expected to have contracted at an annualized 0.7% during July, while the absence of relevant releases in Japan will leave the attention to developments coming from the BoJ.

EUR/JPY relevant levels

At the moment the cross is up 0.79% at 115.97 facing the immediate hurdle at 116.41 (high Sep.2) followed by 117.43 (100-day sma) and finally 118.49 (high Jul.21). On the other hand, a breakdown of 114.55 (20-day sma) would expose 113.77 (low Sep.7) and then 112.28 (low Aug.5).