EUR/JPY jumps beyond 121 as JPY bears regain control

A renewed uptick seen in the USD/JPY pair pushed EUR/JPY sharply higher, now accelerating the bullish break well beyond 100-DMA at 121.05.

EUR/JPY trades above all major DMAs

The EUR/JPY pair now advances +0.60% to trade near fresh four-week tops  of 121.36, as the yen fails to sustain a minor-recovery and fall sharply across the board, triggering stops in the USD/JPY pair above 114.60 levels.

On the EUR-side of the equation, the common currency extends its corrective gains versus the US dollar into Europe, adding to renewed strength seen behind the EUR/JPY cross, as investors’ focus now shifts towards the much-awaited ECB monetary policy decision due later this session.

EUR/JPY: Technical Levels                               

Higher side: 121.73 (classic R2/ Fib R3), 122/122.05 (zero figure/ Feb 2 high), 123.22/39 (Jan 30 & 26 high)

Lower side: 120.72 (5-DMA), 120.55/51 (daily pivot/ daily low), 120.35/03 (10 & 20-DMA)