EUR/JPY retreats from tops, back around 132.60

• The cross is receding some ground after testing peaks in the 132.90 area.
• The Japanese currency remains on the defensive for the third week in a row.
• The cross clinched the area of 7-week tops below 133.00 earlier in the day.

The Japanese Yen is extending the weekly downside on Friday and is pushing EUR/JPY to test fresh multi-week peaks in the boundaries of the key 133.00 the figure.

EUR/JPY climbed to 7-week tops

The cross is advancing for the third consecutive week so far today, always on the back of the persistent selling pressure hitting the Japanese safe haven in response to shrinking geopolitical concerns and alleviated fears over a US-China trade war.

That said, EUR/JPY has gained more than 3% since lows in the sub-129.00 zone recorded in late March.

In the data space, German final CPI figures for the month of March came in in line with advanced readings, while the trade balance in the region shrunk to €18.9 billion during February.

Later in the session, Fedspeakers, the JOLTs Job Openings and the flash print of the U-Mich index should drive the broad sentiment among traders in an otherwise uneventful session.

EUR/JPY relevant levels

At the moment the cross is up 0.29% at 132.69 facing the next hurdle at 132.89 (high Apr.13) seconded by 133.07 (100-day sma) and finally 136.78 (high Jan.5). On the flip side, a breach of 132.22 (200-day sma) would aim for 131.80 (low Apr.12) and then 131.60 (10-day sma).