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Forex: EUR/JPY upside capped around 130.00

FXstreet.com (Barcelona) - The pair continues to retrace earlier gains, falling from session highs in the vicinity of 130.00 overnight, following the correction higher of the Japanese yen. Recall that the JPY traded just pips away from the psychological mark at 100.00 intensifying its weakness since the last BoJ meeting last week.

“The cross posted a new recovery high this morning and there is scope for a test of critical resistance at 132.05. Support is at 126.76”, suggested G.Yu and G.Berry, Strategists at the Swiss lender UBS.

As of writing, the pair is losing 0.19% at 129.02 with the next support at 128.42 (low Apr.9) followed by 127.77 (low Apr.8) and then 123.86 (low Apr.5).
On the upside, a break above 129.93 (2013 high Apr.9) would open the door to the psychological level at 130.00 and finally 130.30 (high Jan.20 2010).

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