Forex: EUR/JPY supported by 200 DMA

FXstreet.com (Córdoba) - After finding support once again at the 102.15 area during the European session, the euro staged an over 70-pip rally against the yen and recently hit a high of 102.92, supported by the broad advance seen in stocks as European woes have been relegated to a second place and investors focus on the US elections.

EURJPY is currently trading at the 102.85/90 area, 0.2% above its opening price, having been as low as 102.16 before the 200-day SMA offered support, allowing a strong bounce.

As for technical levels, immediate resistances are seen at 103.00 (psychological level), 103.20 (100-hour SMA) and 103.30 (Nov 5 high). On the downside, supports could be found at 102.40 (Nov 5 low), 102.15 (200-day SMA/Intraday low) and 102.00 (psychological level).