EUR/JPY holding ground above 130.00

FXstreet.com (Barcelona) - EUR/JPY is last trading at 130.18, off recent session and 2-week highs at 130.27, just moments before Tokyo opens. The cross is up +0.93% for the week so far, mostly on the back of Yen weakness, as the Japanese currency is by far the weakest currency among majors in last 2 trading days.

“Above key 130.00 level,  the hourly chart shows 100 and 200 SMAs converging around 128.40, with the shorter one aiming to break above the larger which should support further gains in the pair; bigger time frames show technical readings slightly exhausted to the upside, yet with price holding near the daily high, chances of a retracement are still low,” said Valeria Bednarik, Chief Analyst at Fxstreet.com.

The analyst finds support levels at: 129.90, 129.30 and 128.80, while resistance levels at: 130.50, 131.00 and 131.60.