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EUR/JPY extend gains and rises above 130.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 28, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - EUR/JPY broke above 129.50 during the European session and it continued to rise on American hours. Recently it reached a fresh 3-week high at 130.09 and it was hovering around 130.00, consolidating a daily gain of around 0.60%.

    The euro is rising against the yen for the sixth trading day in a row and is about to post the strongest close since the beginning of the year. It continues to recover after falling last week to 126.16; from there it has risen almost 400 pips.

    While USD/JPY remained steady moving in a range during all day, between 118.55 and 119.00, EUR/USD rallied toward 1.0950, hitting the highest level in a week.

    EUR/JPY technical levels

    To the upside, potential resistance levels might lie at 130.10 (daily high), 130.30 (Nov 27 & 30 high) and 131.05 (Nov 25 high / Dec 18 low). To the downside, support might now be seen at 129.50, 128.75 (Jan 14 & 26 high) and 128.20/25 (Jan 27 low).
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