- EUR / USD rally propels EUR / JPY which is testing levels above 127.00.
- Stock seems set to break an important barrier.
EEUR / JPY rose to 127.06, just shy of the 2020 high recorded in August. The euro is testing an important barrier that is located around 127.00. If confirmed above, it would be leaving behind an important resistance and could extend the rises.
For now, The euro has not been able to firmly break through the key 127.00 zone, but it is showing signs that it could. It is also a level conducive to significant reversals as was the case in August. For now, technical indicators favor the bullish scenario.
A continuity in the rise of the cross seems to require that the good mood in the markets be maintained. Today the stock markets rise again throughout the world and on Wall Street the main indices point to an opening with new highs in the main stock indices.
The EUR / USD is pressing the 1.2250 zone and if it breaks definitively to the upside, it could give more push to the EUR / JPY, favoring the break of 127.00. In addition to seeing if it fails, the key in the crossing between the euro and the yen, is whether the former manages to maintain itself.
Technical levels
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