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EUR/JPY rises further, eyes 138.00

FXStreet (Córdoba) - The EUR/JPY reached fresh highs during the American session at 137.92, hitting the strongest level since August 1st. The Euro continues to recover against the Yen after bottoming on August 8th at 135.70.

Recent gains pushed the pair slightly above the level it had at the beginning of the month. The pair could have now the first monthly gain since March.

EUR/JPY technical outlook

“In the 4 hours chart momentum remains strong as price extends above moving averages, both around 137.10/20 offering now short term support”, says Valeria Bednarik, Chief Analyst at FXStreet.

Consolidation above 138.00, according to Bednarik, “should lead to a quick advance up to 138.40 while above this last the upward acceleration will likely accelerate towards 138.90 price zone”.

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