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Forex: EUR/JPY consolidates above 124.50

The shared currency weakened and lost over 80 pips against the yen to hit a low of 124.54 during the European session but bounced on the back of a strong ZEW survey. However, the recovery of EUR/JPY was capped by the 125.20 zone, sending the pair back to lows.

Nevertheless, EUR/JPY found support once again at the 124.55/60 zone, and it is currently trading around 124.75, still down 0.5% on the day.

The Mataf.net analyst team holds a neutral short-term bias for the cross and locates immediate supports at 124.55, 123.80 and 122.85, while they see resistances at 125.10, 125.65 and 125.95.

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