The up move in the cross stalled around 123.60.
Yen demand keeps bullish attempts contained.
EUR/JPY looks to risk trends, data
Following Wednesday’s ‘flash crash’ in the Japanese safe haven that dragged the cross to the 119.00 region, the cross managed to regain some composure and advance to the current 123.00 barrier and above soon afterwards.
Risk-off sentiment has been prevailing during the first sessions of the new year in response to increasing concerns over a global slowdown, particularly after Chinese manufacturing PMI slipped back into contraction territory during December.
Today’s lower-than-expected flash inflation figures in the euro bloc for the last month of 2018 also poured some cold water to the strong rebound from recent multi-month lows.