EUR/JPY remains bid despite on-going concerns in euroland

Currently, EUR/JPY is trading at 122.49, up 0.15% on the day, having posted a daily high at 122.83 and low at 122.09.

EUR/JPY remains robust in a consolidating phase while riding the 200 sma on the 1hr sticks as a ascending support line in a similar fashion as USD/JPY while the dollar has been on the march in the face of a global shortage of dollars and rising inflation and yields on the cards for 2017, already starting to take shape this year and supporting dollar strength. Te main event that markets are waiting for is the FOMC tomorrow, but in the backgrounds, there are concerns in the EU from banks to politics and that is something that can weigh on the euro and brings EUR/USD parity into perspective.

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EUR/JPY levels

Spot is presently trading at 122.49, and next resistance can be seen at 122.83 (Daily High), 122.96 (Yesterday's High), 123.04 (Daily Classic R1), 123.77 (Daily Classic R2) and 123.81 (Weekly Classic R1). Next support to the downside can be found at 122.45 (Monthly High), 122.45 (Weekly High), 122.44 (Hourly 20 EMA), 122.32 (Daily Open) and 122.23 (Daily Classic PP).