EUR/JPY Hits Fresh 10-Day Highs at 124.50
The EUR/JPY cross
stormed its way through 124 handle and now accelerates to the upside
beyond the last as the yen sees a free-fall amid persistent
risk-on market profile.
EUR/JPY takes out-Tuesday’s high
The EUR/JPY pair now advances +0.46% to 124.46, hovering within a
striking distance of fresh ten-day highs posted last minutes. The cross
in the EUR/JPY rebounded sharply this session and now flirts with the
mid-point of 124 handle, mainly driven by the relentless slide in the
yen versus the greenback on the back of a better risk tone witnessed
across the financial markets as most major Asian indices recovered
towards close.
While the EUR/USD pair trades lacklustre in a calm European session,
having little influence on the ongoing bullish momentum in EUR/JPY. Next
on focus for the cross remains the Euro zone industrial production data
ahead of the European open, which may provide fresh cues on the EUR.
EUR/JPY Levels to consider
The pair has an immediate resistance at 124.50 (10-day high) and from
there to 124.72 (50-DMA). On the flip side, support is seen at 123.65/62
(20 & 5--DMA) below which it could extend losses to towards
123.38/122.99 (1h 100 & 200-SMA).
