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Forex: EUR/JPY climbs above 125.50

The shared currency strengthened during the American session and advanced to fresh daily highs against the dollar and the yen on better risk appetite.

Following a consolidation stage, EUR/JPY picked up momentum and rose nearly 80 pips toward a high of 125.58. At time of writing, the pair is trading around 125.50, where it is 0.7% above its opening price.

In terms of technical levels, if EUR/JPY clears the 125.60 area, next resistances are seen at 125.88 (Mar 8 high) and 126.00 (psychological level) ahead of 126.50 (Feb 13 high). On the flip side, supports could be found at 125.00 (psychological level) and 123.80 (Mar 8 low).

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