Forex: EUR/JPY rally approaching 120.00; EUR/USD underpins
FXstreet.com (San Francisco) - The euro is extending another leg higher against its Japanese counterpart today in Asia, underpinned by EURUSD strength on market expectation that Fed Chief Bernanke's speech at 21:00 GMT later today will affirm its commitment to the Bank's unemployment and inflation targets.
EURJPY is well bid but has stalled just ahead of the 120 figure after pushing above the 119.50 resistance area in earlier trade. Spot last stands at 119.95, but should price manage to take out 120, next resistance looks to come in at 120.70 (5 Feb 2010 low), then 121.40 (24 Mar 2010 low). If bears decide to weigh on the pair, then 118.60 is offered as immediate support, then 117.05 (78.6% Fibo) and 115.90 (Jan 2 high). At current levels, EURJPY is recording around a 5% gain so far in 2013.
EURUSD has tested offers through 1.3402, reaching new 11-month highs.
EURJPY is well bid but has stalled just ahead of the 120 figure after pushing above the 119.50 resistance area in earlier trade. Spot last stands at 119.95, but should price manage to take out 120, next resistance looks to come in at 120.70 (5 Feb 2010 low), then 121.40 (24 Mar 2010 low). If bears decide to weigh on the pair, then 118.60 is offered as immediate support, then 117.05 (78.6% Fibo) and 115.90 (Jan 2 high). At current levels, EURJPY is recording around a 5% gain so far in 2013.
EURUSD has tested offers through 1.3402, reaching new 11-month highs.
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