EUR/JPY Hits 3-Week Highs but Fails to Rally Above 126.00

EUR/JPY Hits 3-Week Highs but Fails to Rally Above 126.00

27 April 2016, 15:50
Roberto Jacobs
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EUR/JPY Hits 3-Week Highs but Fails to Rally Above 126.00

The euro continues to move with a bullish bias against the yen, extending the recovery after falling last week to the lowest level in years below 122.00.

Today EUR/JPY climbed during the European session to 126.04, reaching the highest level in three weeks. The pair failed to hold above 126.00 and pulled back modestly toward 125.70. Currently is trading at 125.80, practically unchanged for the day.

The key event today will be the Fed decision and the FOMC statement that could have a large impact on the US dollar and also over the yen and the stock market, leaving EUR/JPY exposed.

EUR/JPY levels to watch

To the upside, the immediate resistance is the 126.00/05 area, a consolidation on top could give further momentum; next resistance might be located at 126.45/50 (Mar 25 high), 126.75 (Mar 29 & 30 high) and 127.30 (20-WMA). On the opposite direction, support now could be seen at 125.40/50 (daily low), 124.95 (Apr 21 high) and 124.65/70 (Apr 26 low).


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