EUR/JPY rises further above 122.00, eyes December highs

Risk appetite continues to drive EUR/JPY higher.
Euro head for highest weekly close since June against the yen.

Matías Salord FXStreet

The EUR/JPY remains strong into the American session, supported by a rally of EUR/USD and by risk appetite. The euro just reached 122.47, the highest level in two weeks.

As of writing trades at 122.35, up 120 pips for the week and about to post the highest daily close since July. After rising during two consecutive trading days, EUR/JPY is back near December top.

The positive tone remains supported by risk appetite. After a record close yesterday, Wall Street indexes are rising again on Friday as the Christmas rally goes on. The move higher in EUR/JPY is being limited by a steady USD/JPY. The decline in US yields contributes to support somewhat the Japanese yen.

Technical outlook

The EUR/JPY holds a strong bullish tone. It is testing the 122.40 area and a consolidation on top would clear the way for a test of December highs at 122.60/65. The next medium-term resistance might be seen at 123.80.

The positive outlook for the euro is likely to remain in place as long as it holds on top of 121.20, the 20-day moving average. A close below would leave the pair vulnerable to more losses.

EUR/JPY

Overview
Today last price	122.43
Today Daily Change	0.71
Today Daily Change %	0.58
Today daily open	121.72

Trends
Daily SMA20	121.14
Daily SMA50	120.74
Daily SMA100	119.51
Daily SMA200	121.15

Levels
Previous Daily High	122.61
Previous Daily Low	121.24
Previous Weekly High	122.48
Previous Weekly Low	121.18
Previous Monthly High	121.31
Previous Monthly Low	119.24
Daily Fibonacci 38.2%	122.09
Daily Fibonacci 61.8%	121.76
Daily Pivot Point S1	121.1
Daily Pivot Point S2	120.48
Daily Pivot Point S3	119.72
Daily Pivot Point R1	122.48
Daily Pivot Point R2	123.23
Daily Pivot Point R3	123.86

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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