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Forex: EUR/JPY extends the correction from lows

The pair continues its recovery after bottoming in the proximity of 121.20 in the European morning, gathering pace and climbing to the 121.80 area as the Japanese yen weakens further.

“The immediate risk appears to be for extension of the consolidation phase. Resistance is at 124.28 ahead of 127.92. Support is at 120.36 ahead of 118.73”, suggest Strategists G.Yu and G.Berry at the Swiss lender UBS.

As of writing, the cross is losing 0.13% at 121.61 facing the next support at 121.13 (low Mar.5) ahead of 120.36 (low Mar.1) and then the psychological level at 120.00
On the flip side, a breakout of 121.87 (high Mar.5) would expose 121.97 (high Mar.4) and finally 122.05 (Kijun-Sen line).

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