EUR/JPY – Best of both worlds? Weak YEN vs Strong EUR

Hourly Chart

Opening Asian session saw price rally towards 120 in quick succession, making the 100 pip climb from 119 seemingly effortless similarly to 118 – 119 which we saw last Friday. Some resistance could be seen along Channel Top but that could only serve to slow down the bullish momentum as evident when price hit Channel Top twice last Friday.

Weekly Chart

Weekly chart shows price breaking from 116.0 and more importantly, the ceiling found back in May-Jun 2011. Price stopped around the bottom of the 119 – 123 trading range found in Apr ’11, with today’s advance looking to test 123 once more. Comparing EUR/JPY with GBP/JPY, both enjoying the weakness of Yen currently, EUR/JPY appears to have a more bullish setup, which is also attributable to the EUR/USD bull run which saw EUR/CHF reaching a similar 12 month high, rather remarkable considering EUR/CHF has been sitting on 1.20 for more than 6 months last year.

More Links:
EUR/USD – Trading at its Highest Level in Nine Months above 1.3350
GBP/JPY Technicals – 61.8% Multi-Year Fib ahead

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