EUR/JPY holding near key level

By FXStreet FXStreet (Córdoba) – The euro is rising for the third day in a row against the yen and is back near a key resistance level. So far on Monday, the recovery of the EUR/USD has been stronger than the correction of USD/JPY.

EUR/JPY looking at the 20-day MA

The pair peaked after the beginning of trading in Wall Street at 128.53, hitting the highest level since last Wednesday and it was trading at 128.40/45, slightly above the level it closed on Friday.

On Thursday, the pair bottomed at 126.16, the lowest level in nine months but then rebounded and continued to rise during the following sessions.

Price approached the 128.50 area that is a key resistance zone, that limited the upside several times during January and also where currently the 20-day moving average currently stand. A break higher and a consolidation considerably above could favor a continuation of the recovery. But as long as it remains below, EUR/JPY is likely to remain under pressure.
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Source:: FX Street