The offered bias keeps weighing on the greenback and collaborates with the upside momentum in EUR/JPY to the proximity of the YTD highs near 130.70 on Wednesday. EUR/JPY advances for the second session in a row and extends further north the recent breakout of the psychological 130.00 mark.
The dollar’s downside pressure, lower US yields and the softer note surrounding the Japanese currency all collaborates with the upside fashion in EUR/JPY which is already trading just pips away from the yearly highs near 130.70. In the docket, Services PMI in Euroland and Germany surpassed the preliminary estimates for the month of March, adding to the idea that the recovery seems to be spreading well into the services sector.