EUR/JPY breaks above 125.00 and jumps to highest since mid-September

Euro soars versus yen boosted by the rally in EUR/USD above 1.2000.
Yen drops across the board hit by risk appetite.

Matías Salord FXStreet

The EUR/JPY broke a key resistance area around 125.10 and jumped to 125.79, hitting the highest level since September 14. The pair climbed more than a hundred pips during the American session so far, boosted by risk appetite and by technical factors.

The rally in EUR/USD added strength to the euro. Also, the move higher in USD/JPY boosted further EUR/JPY. The yen remains under pressure as equity indexes in Wall Street reached record highs.

The combinations of risk appetite and also technical developments helped EUR/JPY break the key barrier located between 125.00 and 125.10 that capped the upside during October and November.

A daily close in EUR/JPY above 125.10 would suggest more gains ahead. The next strong resistance is seen at 126.15/20 and then then the 127.00 area. A retreat back under 125.00 would suggest the euro is not ready yet to more gains, pointing to a reversal.

Technical levels

EUR/JPY

Overview
Today last price	125.63
Today Daily Change	1.11
Today Daily Change %	0.89
Today daily open	124.52

Trends
Daily SMA20	123.68
Daily SMA50	123.63
Daily SMA100	124.18
Daily SMA200	121.54

Levels
Previous Daily High	125.13
Previous Daily Low	124.31
Previous Weekly High	124.57
Previous Weekly Low	123.08
Previous Monthly High	125.14
Previous Monthly Low	121.7
Daily Fibonacci 38.2%	124.62
Daily Fibonacci 61.8%	124.81
Daily Pivot Point S1	124.18
Daily Pivot Point S2	123.83
Daily Pivot Point S3	123.36
Daily Pivot Point R1	125
Daily Pivot Point R2	125.47
Daily Pivot Point R3	125.82

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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