EUR/JPY hits fresh highs above 133.00, having best day in a month

Matías Salord FXStreet

The euro is consolidating important gains versus the yen on Wednesday and is looking toward October highs.

EUR/JPY opened the day hovering around 132.00, trading in a consolidation mode after falling sharply last week. During the European session, a resilient euro and a weak yen boosted the pair to the upside. Since then EUR/JPY has been moving with a bullish bias.

On American hours peaked at 133.15, the highest level since last Thursday and then pulled back modestly. It is hovering around 133.00, up a hundred pips for the day.

Rising US bond yields and another record high in the Dow Jones kept the yen under pressure while the euro strengthened in the market ahead of the next European Central Bank meeting (October 26).

ECB ready to scale back QE - Danske Bank

Levels to watch

A consolidation clearly above 133.00 would open the doors to a test of October highs at 133.45/50; above that area, the next resistance levels might lie at 134.00 and 134.35/40 (Sep 21 & 22 high). On the flip side, supports could be seen at 132.70/75, 132.35 (Oct 16 & 17 high) and 131.95 (Oct 18 low).

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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