EUR/JPY: a top performer meeting 5-week highs

EUR/JPY remains a top performer, fuelled by risk on markets this week and not to mention the Bloomberg story on the ECB tapering, albeit quickly put to bed by a reality check. However, the yen has been weaker in its own right (carry trade sell-offs) which has seen the cross rally to as high as 116.28 and a fresh 5-week high. 

"Dollar's strength has helped in weakening the currency, while a rally in crude oil prices, helped boost the confidence in high-yielding assets," explained Valeria Bednarik, chief analyst at FXStreet, adding, "The EUR/JPY pair gains around a major static resistance region, the 23.6% retracement of its post-Brexit slump´s recovery, a level that has rejected price for over two months already."

EUR/JPY levels

Current price is 115.99, with resistance ahead at 116.02 (Daily 100 SMA), 116.28 (Yesterday's High), 116.31 (Daily High), 116.46 (Daily Classic R1) and 116.62 (Weekly Classic R3). Next support to the downside can be found at 115.98 (Hourly 20 EMA), 115.97 (Daily Open), 115.97 (Monthly High), 115.97 (Weekly High) and 115.79 (Daily Classic PP).