EUR/JPY on the bid through the 122 handle, onwards to 123.71/124.08?

Currently, EUR/JPY is trading at 122.03, up 0.40% on the day, having posted a daily high at 122.09 and low at 121.20.

EUR/JPY has stepped up its game and has rallied from yesterday's lows from 120.50, breaking the 55 dma at 121.66 that gave way to the 122 handle before capped at aforementioned highs.

"We should now re focus on the top of the range circa 123.71/124.08 (15th Dec high, suggested analysts at Commerzbank, adding, "Above 124.08 lies the 124.77 38.2% retracement (of the move down from 2014) and the 125.89 2015-2016 resistance line, is expected to act as critical resistance/break up point. Failure at the 55 day would allow slippage to the Fibo at 119.70, where we would expect it to again attempt to stabilise. Slightly longer term we would allow for gains to extend towards the 200 month ma."

Meanwhile, the euro continues to perform against the dollar while the yen seems somewhat overdone having risen against the dollar having fallen from above 118.60 at the start of the year to lows of 112.48 so far, offering the cross the opportunity of a bid.

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EUR/JPY levels

Spot is presently trading at 122.04, and next resistance can be seen at 122.09 (Daily High), 122.34 (Daily Classic R1), 122.46 (Weekly High), 122.51 (Yesterday's High) and 123.11 (Daily Classic R2). Support below can be found at 121.99 (Weekly Classic PP), 121.97 (Daily 20 SMA), 121.94 (Hourly 100 SMA), 121.74 (Daily Classic PP) and 121.66 (Hourly 20 EMA).