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Forex: EUR/JPY extends rally and now it's testing 124.00

FXstreet.com (San Francisco) - The Euro is on track to perform its biggest single day rally since November 2008 against the Japanese yen. In the last two hours, the EUR/JPY has rallied more than 200 pips from 121.80 pre-draghi level, to reach the highest price since March 21st.

Currently the EUR/JPY is trading at 123.80, 3.5% positive on the day. Pair is slightly billish according to the FXstreet.com trend index. Indicators such as MACD, CCI and Momentum are bullish while the Stochastic is bearish in the 1-hour chart.

As Adam Button from Forex live said, "Congratulations if you have been long all day, +450 pips since the BOJ decision."

Above the 124.00 level, next resistances are at 124.20/40 area ahead of the 125.00 frontier. On the down side, 126.65, 122.00 and 121.80 are supports.

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