EUR/JPY: Bulls eyeing March 11 high

By FXStreet Offered tone around Yen continues to gather pace, with EUR/JPY cross looking poised to test key technical hurdle of 127.29 (Mar 11 high).

European stocks rally, weigh over EUR

The cross appears to have lost steam as it approached 127.29 levels as the common currency is feeling the heat of rising European stocks. Meanwhile, Japanese parliament has approved the JPY 96.72 trillion budget for FY2016, however no decision has been taken regarding next sales tax hike.

But, the news has not had any impact on Yen, which continues to remain under pressure. The cross currently trades around 127.15 levels; up 0.13% on the day.

EUR/JPY Technical Levels

Acceptance above 127.29 (March 11 high) would put sell side arguments to rest, opening doors for a rise to 128.00-128.35 (38.2% of 94.11-149.52). Conversely, a dip below 126.81 (daily low) would expose 126.27 (Mar 22 high) – 126.00 levels.
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Source:: FX Street