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Forex: EUR/JPY rises above 127.00

The euro managed to resume its upward path after yesterday's sell-off, and reached a marginal new high against the yen during the American afternoon.

EUR/JPY climbed over 300 pips from lows, and following a consolidation phase below the psychological level, it managed to pierce it to hit a high of 127.17, last seen April 2010. EUR/JPY is currently trading at the 127.10 zone, recording a 1.8% daily gain.

As for technical levels, once above 127.20, next resistances are seen at 127.50 and 127.90, while supports could be found at 126.40, 126.00 and 125.60.

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