EUR/JPY on Track to Extend Near-Term Recovery
As recovery in equity markets and oil prices get underway, a quick turnaround in market sentiment reduced appeal for the perceived safety of the Japanese currency (JPY) against most major currencies.
EUR/JPY moves back above 124.00 mark
After a gap down opening to multi-year lows on Monday, Eur/JPY has been recovering steadily. Earlier during Asian trade on Wednesday, EUR/JPY initially dipped to 123.50 odd level but managed to recover back above 124.00 handle during European session.
From current levels, the pair seems to immediately aim towards its immediate resistance near 124.45-50 area. Beyond 124.50, the pair is likely to extend its bullish momentum towards reclaiming 125.00 handle and test its next major resistance near 125.60 region.
On the flip side, dip back below 124.00 mark would again expose 123.50 support, which if broken confirms retest of 123.00 mark.
(Market News Provided by FXstreet)