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  • EUR/JPY trades within a tight range near the 133.00 mark.
  • Markets remain mildly tilted towards the risk-on mood.
  • US Initial Claims, Philly Fed index next of note in the calendar.

The better note in the Japanese currency is collaborating with the daily downside in EUR/JPY back to the sub-133.00 zone on Thursday.

EUR/JPY retreats from YTD highs around 133.50

EUR/JPY adds to Wednesday’s small losses below the 133.00 mark on the back of the renewed demand for the Japanese safe haven and declining US yields.

In fact, yields of the key US 10-year benchmark trades on the defensive following post-FOMC Minutes highs near the 1.70% area on Wednesday, all along a broad-based correction lower in the greenback.

In the meantime, the generalized better mood in the risk complex prevails as investors appear to have digested the latest FOMC Minutes published on Wednesday.

Earlier in the docket, German Producer Prices rose 0.8% MoM and 5.2% on a year to April, while the EMU’s Current Account surplus widened to €31B in March. In Japan, the trade surplus shrunk to ¥255.3B during last month (from ¥662.2B).

Later in the NA session, usual weekly Claims will take centre stage seconded by the Philly Fed manufacturing gauge and the CB’s Leading Index.

EUR/JPY relevant levels

So far, the cross is gaining 0.02% at 132.94 and a surpass of 133.43 (2021 high May 19) would pave the way for a test of 133.48 (monthly high Apr.2018) and then 134.00 (round level). On the downside, the next support at 131.64 (weekly low May 12) seconded by 130.98 (monthly low May 5) and finally 130.67 (50-day SMA).

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