EUR/JPY flat around 117.70

EUR/JPY is trading in a tight range at the beginning of the week, gravitating around the area of 5-month lows near 117.70/60.

EUR/JPY finds support around 117.60

In the meantime, the cross is looking for a clear direction amidst a generalized bearishness sentiment that has been prevailing since early March tops in the vicinity of 123.00 the figure.

This week’s calendar offers almost nothing in terms of relevant data releases, with tomorrow’s German ZEW and Japanese Industrial Production due on Friday emerging as the most important publications.

Later in the session, the speech by Chief J.Yellen is expected to grab attention although the tone should fall in line with recent comments and FOMC minutes.

EUR/JPY relevant levels

At the moment the cross is gaining 0.03% at 117.71 facing the immediate resistance at 118.85 (high Apr.5) followed b y 119.70 (20-day sma) and finally 120.47 (high Mar.29). On the flip side, a breakdown of 117.28 (2017 low Apr.7) would expose 113.66 (low Nov.9 2016) and then 112.56 (low Oct.21 2016).