EUR/JPY accelerates upside, jumps to 128.00
|- The euro is having the best day in a month against the Japanese yen on the back of risk appetite.
- EUR/JPY breaks key technical levels, jumps to highest in 10 days.
The EUR/JPY accelerated to the upside during the American session on the back of a sell-off of the Japanese yen and amid a rally in Wall Street. As EUR/USD soared, USD/JPY remained flat havering near daily highs.
The S&P 500 hit fresh record highs while the US dollar resumed the downside across the board. EUR/JPY climbed to 128.04, hitting the strongest level since August 10. The pair remains near the highs consolidating most of the day’s gains.
EUR/JPY Key levels to watch
To the upside, resistance levels could be seen at 128.25 (20-day moving average), 128.50 (Aug 6 & 8 low) and 129.10. On the flip side, support might lie at 127.35, 127.15 and 126.75.
On a wider perspective, the pair is consolidating on top of 127.00, after breaking a range of several days. The move could signal that a bottom has been reached last week at 124.89.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.