EUR/JPY: Bulls back in control, rallies to 133.30

By FXStreet FXStreet (Mumbai) – The cross in the EUR/JPY extends its rebound from fresh multi-month lows in the European morning and reclaimed 133 handle largely on the back of yen weakness versus the US dollar while a firmer EUR/USD also underpins.

EUR/JPY driven by increasing risk-off trades

Currently, the EUR/JPY pair trades 0.43% higher at 133.20, easing-off fresh session highs reached at 133.32. The EUR/JPY cross manages to recover more than half of Friday’s fall and now seems poised to test 133.50 levels as renewed wave of risk-aversion is seen boosting bids for the fund currency in the euro.

Looking ahead, markets now await upcoming macro releases due to released later this week as the EU calendar is almost empty today, while the US markets remain closed for the Labor Day holiday.

EUR/JPY Technical Levels

To the upside, the next resistance is located at 133.68 (Sept 4 High) levels and above which it could extend gains 135 levels. To the downside immediate support might be located at 132.74 (Today’s Low) below that at 132.18 (Sept 4 Low) levels.
For more information, read our latest forex news. …read more

Source:: FX Street