The EUR/USD pair ran into bids in early US session, courtesy of which the EUR/JPY cross to a session high of 124.23.
Trades above 10-DMA
The cross managed to chew through offers around 124 (10-DMA) although the move lacked fundamental trigger. Moreover, the rise in the cross is surprising since the moderate risk-off in the European equities has not resulted in an increase in demand for Yen.
The pair now trades around 124.18 levels; up 0.70% on the day. The FX markets now await the US weekly jobless claims and ISM non-manufacturing report.
EUR/JPY Technical Levels
The immediate resistance is seen at 124.47 (23.6% of 132.29-122.06), ahead of a major hurdle at 125.00 (Feb 26 high), above which the cross could target 125.77 (Feb 11 low). On the other hand, a break below 124 (10-DMA) would expose 5-DMA at 123.67, under which the cross could drift lower to 123.00 levels.
(Market News Provided by FXstreet)