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    EUR/JPY retakes 118.00 and above Pablo Piovano

    The common currency remains buoyant during the first sessions of the week, with EUR/JPY returning above the 118.00 handle.EUR/JPY up on ZEW, riskThe persistent risk-on mood in the global markets keeps weighing on the demand for the safe haven JPY, collaborating with the upside and in turn sustaining the recent break above the 118.00 barrier.EUR has found extra wings after the ZEW Survey has surprised investors to the upside for the current month, while the speech by ECB’s M.Draghi is slowly coming into attention.EUR/JPY relevant levelsAt the moment the cross is advancing 0.65% at 118.38 and a break above 119.14 (high Jun20) would expose 120.62 (20-day sma) and finally 122.42 (55-day sma). On the other hand, the next support aligns at 115.46 (2016 low Jun.16) followed by 113.54 (monthly low January 2013) and then 105.93 (monthly low December 2012).

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