FxWirePro: EUR/JPY Gains on Broad Yen Weakness, Finds Major Resistance at 124.96
- Yen weak across the board on the news that BOJ will discuss negative-rates with banks.
- EUR/JPY spiked almost 50-pips to hit session highs at 124.95, 124.96 is 50% Fib of 128.22 to 121.71 fall and tough resistance for the pair.
- Daily Techs support upside, break above 125 could see gains upto 125.70 levels.
- Markets now await a string of manufacturing and services PMIs from the Euro area due ahead for fresh impetus on the cross.
- Resistance is seen at 124.96 (50% Fib), 125.14 (cloud base) and 125.30 (Apr 7th highs).
- Supports on the downside are located at 123.89 (5-DMA), 123.53 (10-DMA) and 123.40 (session lows).