- EUR / JPY softens the previous rise in the 125.60 region.
- Markets face a generalized cautious mood ahead of the key event.
- Powell from the Fed, the following key US data is to remember during the NA session.
EUR / JPY remains marginalized around the 125.30 region in the second half of the week against widespread consolidation in global markets.
EUR / JPY focused on Powell, data
EUR / JPY alternated gains and losses on Thursday amid a slight buying bias around the greenback, as market participants remain cautious ahead of Chief J. Powell’s keynote speech at the Jackson Hole Symposium.
Indeed, the cross managed to break above the 126.00 mark earlier in the week, although the bullish attempt faltered shortly thereafter despite positive results in Eurozone fundamentals.
Later today, the dollar is expected to remain under the microscope in light of the release of the usual weekly claims and another estimate of US GDP for the April-June period.
Relevant EUR / JPY levels
For now, the cross is losing 0.08% to 125.27 and a drop below 124.44 (August 21 weekly low) would expose 124.28 (August 11 weekly low) and finally 122.87 ( January 16 monthly high). On the other hand, the next hurdle lines up at 126.75 (13th August 2020 high), followed by 126.80 (17th April 2019 monthly high) and finally 127.50 (2019 high on 1st of March).