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Forex: EUR/JPY hovering over 130.00

FXstreet.com (Barcelona) - Renewed strength in the shared currency is driving the cross higher on Wednesday, recovering the 130.00 handle as risk-on trade intensifies.

“Prices are testing resistance at 129.88, the top of a triangle chart pattern carved out since mid April. A break above that initially targets the April 11 high at 131.11. Support is in the 127.70-128.13 area, marked by the February 6 high and the triangle bottom. A push beneath that aims for the March 8 top at 126.03”, suggested I.Spivak, Currency Strategist at DailyFX.

At the moment the pair is advancing 0.47% at 130.10 facing the next hurdle at 130.40 (high May 6) ahead of 130.73 (high Apr.22) and then 130.77 (high Apr.12).
On the other hand, a breakdown of 128.99 (low May) would aim for 128.74 (Tenkan-Sen line) and finally 127.90 (low May 3).

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