Forex: EUR/JPY back above 126.00

The shared currency strengthened during the European session and resumed the upside versus the yen after sliding to a 2-day low of 124.75. EUR/JPY has risen nearly 180 pips within the last hours, piercing the 126.00 hurdle to hit a high of 126.54 in recent dealings.

At time of writing, EUR/JPY is trading at the 126.50 zone, where it posts a 0.6% daily gain. As for technical levels, next resistances are seen at 126.92 (high Feb 12), 127.00 (psychological level) and 127.45 (high Feb 7). On the other hand, supports could be found at 126.00 (psychological level), 125.50 (10-day SMA) and 124.75 (intraday low).