EUR/JPY up over 3% post French election results
|EUR/JPY is trading at 120.75 within a day's range of 119.34 - 120.91 so far post the French elections first results.
EUR/JPY rallied hard by 3.06% vs the 117.16 close with the yen falling away on the back of market confidence in thin trade after the expected results came through from round one of the French presidential elections.
The far-right leader Marine Le Pen and the centrist Emmanuel Macron have won the first round of voting. Le Pen was receiving 25.1% of the vote vrs Macron with 21.3% according to the earliest French interior ministry count. However, as the counts continue, Macron has pinched the lead so far at 23.11 vs 23.08% after 33.2 mli votes had been counted.
- Le Pen 23.08%
- Macron 23.11%
- Fillon 19.7%
- Melenchon 17.9%
Why is Euro higher on early Le Pen lead?
EUR/JPY levels
EUR/JPY broke the near-term resistance line at 118.87/119.81 on the gap. A continuation targets the smoothed 200 EMA on the daily sticks at 121.04.
A break to the downside correcting the move will need to break below 118.31 and to close the gap, 117.20 support to give way to 116.50. On the wide, 112.53 5 year support line is a major support line.
A Le Pen victory would be a soft landing for the euro!
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