EUR/JPY drops below 112.50 – key support

The EUR/JPY cross is seen trading quite choppy amid a lack of relevant economic news and light trading, as investors turn on the side-lines ahead of the US payrolls data due later today.

EUR/JPY awaits US jobs data

The EUR/JPY pair now trades -0.17% lower at fresh session lows of 112.48, fading a spike to 112.71, fresh session highs. The EUR/JPY cross extends losses as the demand for the safe-haven yen is on the rise amid increased nervousness, as we head towards the much awaited US employment data.

However, the losses remain capped as the EUR/USD pair makes minor-recovery attempts above 1.1150 barrier, offering some respite to the bulls. Markets now look forward to main risk event for today, the US NFP data, for fresh impetus on both the EUR and JPY.

EUR/JPY Levels to consider  

The pair has an immediate resistance at 113.12 (5-DMA) and from there to 113.62 (Aug 3 low). On the flip side, support is seen at 112.28 (Daily S1) below which it could extend losses to towards 112 (round figure).