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Forex: EUR/JPY pierces 130.00 level

FXstreet.com (Barcelona) - The EUR/JPY has streamed ahead to the session highs during European trading Friday, helped in part by the rapid setbacks facing the yen. In these moments, the pair has topped out at he 130.05 level (intraday maximum), before easing slightly to 129.88/93.

“The EUR/JPY is bullish in the near-term. Indeed, the focus was on resistance at 129.74 (now broken), a break above this could expose 132.05. Conversely, support is at 126.44, ahead of 124.94.” calculates Research Analyst Gareth Berry at UBS.

According to the technical analyst team at ICN.com, “The EUR/JPY is pushing higher towards the recent swing high at 129.72, while a break above this level may lead to a retest of 131.10 level again. However, we prefer to see a break of this sideways bias before expecting the next potential move.”

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