EUR/JPY gallops to 129.10 on EU immigration deal news

Benefits from risk-recovery as the European Council (EUCO) strikes the migration deal.
Eyes on Eurozone CPI and EU Summit for further trading opportunities.

Dhwani Mehta FXStreet

The cross in the EUR/JPY received the much-need booster shot and jumped more-than 100-pips following the news that the European Council (EUCO) reached the all-important EU immigration agreement, which rescued the EUR bulls.

The spot finally broke its consolidative phase to the upside and posted fresh two-week highs at 129.06, as the bulls storm through the 129 handle amid a major turnaround in risk sentiment. The lingering concerns over the Euro area political stability faded on the immigration deal news, sending the risk assets higher at the expensive of the safe-havens such as the Yen. The USD/JPY pair popped to 110.80 levels while the EUR/USD pair rebounded to test the 1.1650 levels.

EUR/JPY Technical Levels:

Resistances: 129.50 (psychological levels), 130 (round number), 130.27/38 (100-DMA/ Jun 14 high).

Supports: 128.50 (20-DMA), 128.15/128 (5 & 10-DMA), 127.61 (daily pivot).

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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