EUR/JPY: needs a break of teh 10th Feb high for a convincing change of trend

Currently, EUR/JPY is trading at 120.14, up 0.97% on the day, having posted a daily high at 120.25 and low at 118.96.

EUR/JPY is consolidating above the 120 handle with the euro fighting back against the dollar and the yen still struggling to make any significant correction vrs Dudley's comments yesterday that fuelled the resurgence in the greenback.   

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"With no new developments in French politics, and Bund yields higher, the Euro is holding up better than the yen," explained Kit Juckes, an economist at Societe Generale.

EUR/JPY levels

EUR/JPY's rally has smashed through key technical levels on the recovery from 118.45/35 band of support which was the location of the 50% retracement of the move up from October, the 38.2% retracement of the move up from June 2016 and the July 2016 high. The rally is now testing the key 20-d sma at  Rallies will need to regain the 20-day ma at 119.90 with a close above there today targeting the 20th Feb high of 120.35. 

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