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  • EUR/JPY trades 1.12% higher has EUR/USD buying droves price.
  • The pair has found some support 118.50 and pushed back through 120.00.

EUR/JPY Daily Chart

EUR/JPY price action has been erratic, to say the least.

Yesterday the candle was very very bearish and hit a low of 118.37. 

Today the whole move has reversed back up and broke 120.00 to the upside.

The area blue rectangle is now even more important as the wave low support.

On the topside, a break of the red trendline could indicate more bullishness to test the 122.50 area.

One other thing to notice is the fact that the support level was on the 61.8% Fibonacci level which is often key in this pair.

EUR/JPY analysis

Additional Levels