EUR/JPY extends recovery and rises toward 123.00

By FXStreet The euro is rising against the yen, attempting to move off a key support area located around 121.60/70, that capped the decline twice in April.

EUR/JPY is up today after falling more than 400 pips during the previous two trading days. The pair opened the week at 121.75 and move to the upside, finding resistance at 122.30/35 earlier. During the European session broke to the upside, and climbed to 122.90, slightly below Friday’s highs.

Yen’s strength is fading across the board on Monday, as USD/JPY hold above 106.10; while EUR/USD has risen above 1.1500, hitting the highest level since August 2015.

EUR/JPY levels to watch

To the upside, the next key short-term resistance level is seen around 122.95/123.00 (April 29 high); followed by 123.55 (Apr 15 high) and 123.95 (20-day moving average). On the opposite direction, support levels could be located at 122.50 (European session high), 122.30 (Asian session high) and 121.65/70 (2016 lows).

For more information, read our latest forex news. …read more

Source:: FX Street