EUR/JPY holding the 133.00 handle ahead of European markets
- A quiet Yen is giving the Euro a chance to bounce up for fresh highs with market sentiment tempered.
- Wednesday has a quiet offering for macro data, and markets are weighing their options.
The EUR/JPY pair is continuing to lift as the Yen recedes in calm Asia waters, testing 133.25.
The Euro has been steadily advancing against the Yen through April after reaching a bottom of 128.95 in March. The pair went deeply bearish in February as traders piled into the Yen on market-wide fears of higher rates brought on by inflation and trade war rhetoric that ramped up for several months. The EUR has managed to stage a healthy recovery against the JPY, and has scaled back over the 200-day SMA, though February's declines are still deeply priced in.
Wednesday is a quiet affair for markets on the economic calendar, and the only scheduled events for the EUR are the French Consumer Confidence index for April at 06:45 GMT, expected to remain at the previous reading of 100, and the Swiss April ZEW Survey Expectations at 08:00 GMT, last seen at 16.7.
Japan saw the month-on-month All Activity Index come in exactly at expectations, printing a 0.4% after the previous showing of -1.1%, but the Yen was little disturbed in its quiet Wednesday trading.
EUR/JPY Levels to watch
On the H4 charts the bullish trendline is still holding, and the new highs near 133.50 could see a small correction back into the previous swing high around the 133.00 major handle before continuing higher to challenge February's opening prices of 135.50.
