Offered tone around JPY is gathering pace in the US session, pushing the EUR/JPY cross to a session high of 125.86 levels.
Attempting gains above 10-DMA
The currency pair now sits above 10-DMA of 125.77 and is eyeing 126 handle. Stock markets in Europe fell into losses, while US index futures are pointing to negative open despite which the Yen is under pressure.
Meanwhile, ECB speak through the European session assured markets about a availability of more policy tools to fight inflation, still the common currency has managed to stay upbeat. Consequently, the cross turned positive and now appears on track to test offers around 126 handle.
EUR/JPY Technical Levels
The immediate hurdle is noted at 126.00 (zero figure + 5-DMA), above which the cross could target resistance at 126.62 (Mar 17 high) and 127.00 (50-DMA). On the other hand, a break below 125.77 (10-DMA) would expose support at 125.00 and 123.85 (Mar 8 low).
(Market News Provided by FXstreet)