Forex: EUR/JPY higher above 125 on Yen weakness

EUR/JPY is currently at 125.33, off fresh session highs at 125.48, higher by +0.33% for the week so far mostly on Yen weakness, as EUR/USD prints fresh session lows at 1.3333 and USD index climbs to 1-month highs above 80.5. USD/JPY trades at 2-day highs 93.98, following Abe comments in parliament and a kind of permissive G20 meeting in Moscow over the weekend.

As Valeria Bednarik notes, Chief Analyst at Fxstreet.com: “The hourly chart shows price aiming higher near 200 SMA in the hourly chart, offering resistance at current levels, while indicators head north in positive territory. The 4 hours chart however, shows indicators below their midlines, with not enough upward strength yet,” Valeria says, expanding: “Still the pair is biased higher as long as above 124.80 in the short term, with a break above 125.95 confirming further gains  towards 126.60 price zone,” she concludes.

Support levels are seen by Valeria at: 124.80, 124.30 and 123.75, while resistance levels at: 125.50, 125.90 and 126.60.