EUR/JPY: Bulls in command, 124 back on sight

By FXStreet The persisting risk-on market profile boosted the risk currency US dollar across the board, aiding the recovery in EUR/JPY for the second straight session.

EUR/JPY supported at hourly 100-SMA at 123.52

The EUR/JPY pair jumps 0.51% to trade near fresh session highs of 123.80, bouncing-off a brief dip to 123.52, session lows. The ongoing retreat in the Japanese currency from 12-month peaks against the US dollar continues to boost the sentiment around the EUR/JPY cross.

Moreover, the Asian stocks rally fuels risk-on moods across the financial markets and underpins the demand for the higher-yielding/ risk currencies at the expense of the safe-havens such as the yen and euro. However, the losses in the yen versus its American counterpart outweigh the prevalent EUR/USD weakness, thus, supporting bullish tone in the cross.

EUR/JPY Levels to consider

The pair has an immediate resistance at 124/124.06 (round number/ daily R1) and from there to 124.53/125.02 (10-DMA/ 1h 200-SMA). On the flip side, support is seen at 123 (Mar 9 March low) below which it could extend losses to towards 122.40 (Feb 24 & 29 Low)
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Source:: FX Street