EUR/JPY: Bulls attempting a break above 122.50

Renewed buying interest seen behind USD/JPY appears to drive the cross in EUR/JPY to fresh daily tops, while the bulls now look to regain 122.50 barrier.

EUR/JPY trades above all major DMAs

Currently, EUR/JPY trades +0.18% higher at 122.42, retreating from session lows struck previously at 122.13. The bid tone behind the EUR/JPY cross is seen gathering pace over the last hour, closely tracking the USD/JPY price-action amid moderate gains seen in the Japanese stocks.

While the EUR/USD pair remains better bid, correcting higher from NY lows, also lends support to the upside in the cross.  Next of note for the major remains the German industrial production and US JOLTS job openings for further take on the prices.

EUR/JPY Levels to consider  

The pair has an immediate resistance at 123 (Dec 6 high), above which 123.23 (multi-month high high) could be tested. On the flip side, support is seen at 122 (zero figure) that at 121.66 (5-DMA).