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Forex: EUR/JPY eyes 130.00 as sentiment sharpens

FXstreet.com (Barcelona) - The pair continues its march north on Tuesday, attempting once more to reach the 3-year highs above the key 130.00 level bolstered by the upbeat sentiment surrounding the single currency.

According to the Currency Analyst I.Spivak at DailyFX, “prices are testing resistance at 129.25, the 138.2% Fibonacci expansion. A break above that eyes the 150% level at 130.11. Near term support is at 128.18, the 123.6% Fib, with a move back beneath that targeting the 100% expansion at 126.45”.

As of writing, the pair is up 0.30% at 129.66 and a surpass of 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).
On the downside, support levels line up at 128.42 (low Apr.9) followed by 127.77 (low Apr.8) and then 123.86 (low Apr.5).

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