- The euro soars against the yen on the back of the EUR / USD rally above 1.2000.
- The yen falls across the board affected by appetite for risk.
The EUR/JPY it broke a key resistance area around 125.10 and jumped to 125.79, reaching the highest level since September 14. The pair is up over a hundred pips during the US session so far, driven by risk appetite and technical factors.
The EUR / USD rally added strength to the euro. Furthermore, the bullish movement in USD / JPY further boosted the EUR / JPY. The yen remains under pressure as Wall Street stock indices hit record highs.
The combinations of risk appetite and also technical developments helped the EUR / JPY break the key barrier located between 125.00 and 125.10 that capped the high during October and November.
A daily close in EUR / JPY above 125.10 would suggest more gains in the future. The next strong resistance is seen at 126.15 / 20 and then at the 127.00 zone. A pullback below 125.00 would suggest that the euro is not ready for more gains yet, pointing to a reversal.
Technical levels
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