EUR/JPY Rises Above 123.00
EUR/JPY extended gains in the US session to trade above 123.000 levels as Yen continues to get offered against the greenback.
Trades above 100-MA
Cross
currently trades just above hourly 100-MA located at 123.08 levels.
EUR/USD pair managed to keep its bid tone intact in the US session and
is attempting gains above 1.13 levels. Meanwhile, Yen is being offered
since European session as oil began the gap filling exercise.
USD/JPY
is now trading above Friday’s low of 108.74 levels after having clocked
a low of 107.84 levels earlier today. Moreover, losses in the US and
European stocks failed to keep the bid tone around JPY intact.
Consequently, EUR/JPY turned higher from the low of 121.71 levels.
EUR/JPY Technical Levels
The
immediate hurdle is seen at 123.16 (5-DMA), above which the cross could
target 123.38 (hourly 200-MA). On the other hand, failure to sustain
above hourly 100-MA of 123.08 would open doors for a re-test of 122.75
(hourly 50-MA).
