EUR/JPY trims gains near 123.30, Yen picks-up pace

The shared currency trims gains and trades modestly flat versus its Japanese counterpart in the early European trades, now sending EUR/JPY further away from 123.50 levels.

EUR/JPY trades around 5-DMA

The EUR/JPY pair advances 0.08% to 123.32, unable to resist above 123.50 levels. The EUR/JPY cross is seen defending mild gains as the yen slowly picks-up strength amid wide-spread cautiousness across the markets, while focus remains on oil in wake of weekend’s Doha meeting to reach an output freeze deal.

On the other hand, the EUR/USD pair trades almost unchanged around 1260 levels, awaiting fresh incentives from the Eurozone trade figures and sentiment on the European stocks. While US economic releases will also have significant bearing on the cross.

EUR/JPY Levels to consider

The pair has an immediate resistance at 123.80/124 (daily R2/ round number) and from there to 124.50 (psychological levels). On the flip side, support is seen at 123 (Mar 9 March low) below which it could extend losses to towards 122.40 (Feb 24 & 29 Low).