Yen drops across the board despite lower equity prices in Wall Street. EUR/JPY heads for the highest weekly since April 2019. The EUR/JPY pair is rising for the third day in a row. On Friday it accelerated to the upside, hitting levels above 125.00 for the first time in a year. It peaked at 125.20 and then pulled back to 124.75. As of writing, it is hovering around 125.00, up a hundred pips for the day. From a technical perspective, a key development in EUR/JPY was the breakout of the 124.20/30 resistance band. It is now about to post the highest weekly close since April of last year. It is the fifth weekly gain out of the last six weeks. Technical readings show overbought readings suggesting some consolidation could take place before another leg higher. From a strong euro to a weaker yen Before Friday, the key driver in the EUR/JPY rally was a stronger euro. The common currency last week was among the top performers boosting the EUR/JPY. During the current week, the pair moved mostly sideways as the rally in EUR/JPY was offset by a declining USD/JPY. On Friday, the yen gave up, leading to hundred pip rally in USD/JPY and a decline of the yen across the board. The Japanese currency weakened dropped even as equity prices in Wall Street turned negative. Month-end flows and higher US yield weighed on the yen, favouring the sharp rally in EUR/JPY. Technical levels FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Canada: Initial recovery through May and June appears to have been stronger than was once feared – RBC CM FX Street 3 years Yen drops across the board despite lower equity prices in Wall Street. EUR/JPY heads for the highest weekly since April 2019. The EUR/JPY pair is rising for the third day in a row. On Friday it accelerated to the upside, hitting levels above 125.00 for the first time in a year. It peaked at 125.20 and then pulled back to 124.75. As of writing, it is hovering around 125.00, up a hundred pips for the day. From a technical perspective, a key development in EUR/JPY was the breakout of the 124.20/30 resistance band. It is now about to post the… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
