EUR/JPY: testing the 131 handle and brekaing out of range

Currently, EUR/JPY is trading at 131.02, up 0.60% on the day, having posted a daily high at 131.43 and low at 130.17.

EUR/JPY is recovering back onto the 131 handle with improved risk sentiment in the US session. Stocks are supported and making a minor recovery in the benchmarks albeit still in the red on a closing basis. USD/JPY is starting to stabilise just below the 50 sma on the hourly time frame at 110.41 while EUR/USD keeps pushing the upside making a fresh yearly high for a look in at the monthly 50 sma at 1.1884, falling just shy of 1.1871 so far. 

EUR/USD prints fresh multi-year high at 1.1871 as USD weakens

EUR/JPY levels

EUR/JPY has broken higher from its consolidation range and this break above 130.65/76 targets 134.32/61.8% of the move down from 2014, explained analysts at Commerzbank, adding, "the market has also eroded its 55 and 200 month ma at 130.32. Failure at last weeks low at 128.50 will alleviate immediate upside momentum and allow for some slippage to the uptrend at 128.36, below here lies the previous May high at 125.80 and offers additional support."