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Forex: EUR/JPY gains 2% on the day

Propelled by Draghi's words, the euro rallied against the yen during the NY session and recently hit its highest level in 10 days before losing momentum.

EUR/JPY climbed over 250 pips throughout the day clearing several resistances level to print a high of 124.57. At time of writing, the cross is trading around 124.45/50, where it records a 2% gain on the day.

As for technical levels, on the upside immediate resistances are seen at 125.90 (high Feb 20) and 126.00 (psychological level). On the downside, supports could now be found at 124.00 (psychological level), 123.50 and 123.35 (21-day SMA).

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