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Forex: EUR/JPY holding gains above 132.00

FXstreet.com (Barcelona) - EUR/JPY just printed a fresh 3-year high in early Asia-Pacific at 132.40 on the back of continued Yen weakness following G7 meetings through the weekend. The cross trades last at 132.18, slightly below Friday's highs.

“I believe that the current moves in the market are also likely to see the EUR make solid gains on the crosses so whilst EUR/USD may seem heavy overall, dips are also likely to be very well supported,” says FXWW founder Sean Lee, who adds: “Initial support is at Friday’s lows near 1.2940 which is also a Fibo retracement level.”

In the other hand, Valeria Bednarik, Chief Analyst at Fxstreet.com, notes: “Despite the hourly chart holds a positive technical scope, road higher should be limited compared to other yen crosses, although dips may provide some short term buying opportunities,” the analyst suggests.

Valeria finds support levels at: 131.50, 131.00 and 130.40, while resistance levels at: 132.25, 132.80 and 133.40.

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