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Forex: EUR/JPY extends advance to 3-week highs at 124.55

FXstreet.com (San Francisco) - The impressive Euro rally against the yen has continued after a brief period of consolidation between 123.90 and 123.45 with the pair extending to 124.55, highest since March 15, the bullish movement started at 119.20 following the BoJ policy decision.

Currently the EUR/JPY is trading at 124.45, 4.10% above opening price action. Pair is slightly bullish 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.

Now the EUR/JPY is recovering the February first week range between 123.50 and 127.00. Next resistance is at 126.70 ahead of 126.85 and 127.00. Supports are at 123.90, 123.45 and 122.65.

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