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.

Matías Salord FXStreet

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.

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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