The euro rose to fresh highs against the US dollar and trimmed losses versus the Japanese yen during the American session. EUR/JPY bounce off lows and attempted to make a recovery. After hitting a fresh daily high at 120.32, it pulled back below 120.00 as stocks in Wall Street turned again to the downside.
Still under pressure
Currently EUR/JPY trades around 119.65/70, 50 pips below Friday's closing price. Earlier it bottomed at 118.98, the lowest level since February 2013 and then rebounded. But the pair remains under pressure, moving with a bearish bias in a long-term descendant channel.
The medium-term perspective could change if it climbs above 124.50, on top of a downtrend line and the 20-day moving average.
The 119.00 zone has become the key support. The mentioned area also capped the decline during February and April 2013. A break lower would favor a bearish acceleration.
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