EUR/JPY rises above 129.00 as the yen tumbles on higher US yields

EUR/JPY breaks to the upside after moving sideways during most of the day.
The main trend still bearish but the euro found support above 128.50.

Matías Salord FXStreet

The EUR/JPY pair broke to the upside during the American session on the back of a weak Japanese yen. It printed a fresh 2-day high at 129.20. Near the end of the session was holding near the highs, consolidating gains.

Higher US yields pushed the yen to the downside, particularly amid a rally of USD/JPY. The euro hit fresh highs against the yen and also versus the pound. The 10-year yield opened the day at 2.94% and recently reached 2.97%

EUR/JPY Key levels to watch

The main trend is still bearish but the euro is rebounding from a strong technical level at 128.50. If the euro consolidates above 129.20 the negative momentum would ease. Above the next strong resistance is located around 130.20. On the flip side, the immediate support is now the range 128.80/129.00: a slide below could clear the way for another test of 128.50.

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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