EUR/JPY well-bid at two-week highs around 123.50 level

The EUR/JPY cross maintained its strong bid tone and has now gained around 200-pips from yesterday's 121.60 level, the lowest level since Dec. 12. 

Currently trading at two-week high level, around mid-123.00s, the cross got an initial boost from a knee-jerk spike in the EUR/USD major during early Asian session. Moreover, the Japanese Yen's safe-haven appeal continues to suffer from buoyant investor appetite for riskier assets - like equities, with Dow within striking distance of the very important 20,000 psychological milestone. 

Looking at the broader, the cross remains within a broader trading range and continued with its bullish consolidative price-action following its recent up-surge to the highest level since May. With no relevant economic releases due, ahead of a slew of important macro releases due at the beginning of a new month, the cross seems unlikely to break-out of its consolidation range ahead of New Year's weekend. 

Technical levels to watch

Immediate upside resistance is pegged near the top end of recent trading range, near 124.00-124.10 area, above which the cross seems to dart towards 124.65 (May 12 high) ahead of 125.00 psychological mark. On the downside, 123.30-25 area now becomes immediate support, which if broken is likely to accelerate the slide towards 123.00 round figure mark. A follow through selling pressure below 123.00 handle would reaffirm near-term range-bound trading action and is likely to drag the pair towards 122.25-20 support area, en-route 121.70-65 range support.