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1 Jun 2017

EUR/JPY keeps bullish tone but failed to hold above 125.00

EUR/JPY is up for the second day in a row and continues to move with an uptrend, following the sharp decline that took place on Tuesday when it tumbled to 123.14. At the moment is trading at 124.80/85, back into positive territory for the week. 

The pair climbed to 125.07 at the beginning of the American session but it failed to hold and pulled back modestly. It found support above 124.60. 

The rise in US bond yields and a rally in equity prices in Wall Street weakened the demand for the yen. The rally in USD/JPY offset the decline in EUR/USD. 
    
Technical outlook 

During today’s Asian session, EUR/JPY broke a relevant resistance area around 124.50/60, confirming the upside bias. The key dynamic resistance is an uptrend that currently stands around 124.40/50, as long as it remains on top, the short-term bias will continue to favor the euro. 

The pair has been unable to confirm above 124.90, if it manages to do so, it would open the doors to rise toward the next area to watch located at 125.20/25. Above the next resistance area, might lie at 125.45/50 followed by 125.80 (May high). 


 

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