EUR/JPY analysis: ranging near yearly highs

EUR/JPY Current price: 123.80

The EUR/JPY pair erased most of its weekly gains and settled at 123.80, as the yen advanced against its major rivals in spite of strong US data. The Japanese currency is still looking at US Treasury yields for direction, with the 10-year note briefly touching 2.42% before pulling back in the American afternoon, being behind yen's strength. The pair bottomed at 123.31 daily basis, holding within its early week's range and near its yearly highs. The intraday technical picture is neutral, given that in the 4 hours chart, the Momentum indicator stands pat around its 100 level, whilst the RSI indicator barely bounced from its mid-line, currently at 51. The 100 SMA in the mentioned chart advanced further above the 200 SMA, now at 121.55, limiting chances of a steeper slide. Asian equities will likely lead the way during the upcoming session, although investors will likely wait for German and US data to be released this Friday, before defining a clearer direction.

Support levels: 123.30 122.90 122.50

Resistance levels: 124.10 124.50 124.95

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