EUR/JPY Hits Fresh 10-Day Highs at 124.50

EUR/JPY Hits Fresh 10-Day Highs at 124.50

12 May 2016, 08:59
Roberto Jacobs
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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).


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