EUR/JPY finds support near 130.00

After advancing to daily peaks near 130.40 earlier in the session, EUR/JPY has give away some ground and retreated to the 130.00 handle, where it is now looking to rebound.

EUR/JPY boosted by JPY-selling

The cross keeps the rally well and sound today, up for the fifth consecutive week and testing at the same time fresh tops in the 130.40 area, levels last seen in February 2016.

The Japanese safe haven remains on the defensive as of late, while earlier dovish comments by BoJ’s H.Kuroda added to the already bearish note and collaborated with the upside.

On the EUR-side, the single currency is showing some weakness vs. the greenback, although it keeps the trade well within the recent ranges.

EUR/JPY relevant levels

At the moment the cross is gaining 0.15% at 130.10 facing the next hurdle at 130.40 (2017 high Jul.10) seconded by 132.30 (high Jan.29 2016) and finally 134.37 (61.8% Fibo of the 2014-2016 drop). On the flip side, a breach of 128.71 (10-day sma) would expose 126.24 (21-day sma) and then 124.86 (38.2% Fibo of the 2014-2016 drop).