StockMarketWire.com - The EUR/JPY broke through a 24-month level of ¥123.85 in today's trading as the euro continues to make fresh highs against the majority of it counterparts.
Returning to a level not see in the cross since May 2010, the EUR/JPY pushed higher as investor confidence continues to turn in favour of the EU. The fresh high comes despite French minister, Arnaud Montebourg suggesting that the euro was “overvalued” and “not what it [the EU] deserves”.
The move to the upside continues to be supported by technical indicators with the pair breaking through the key 200-day sma at ¥122.11 in yesterday's US trading session. Some consolidation has been seen after a high of ¥123.85, retracing down to ¥123.07 (14:00GMT). Strength indicators have since pulled back from an overbought level.
The next identifiable area of resistance looks to be at ¥127.48.
At 3:46pm:
Story provided by StockMarketWire.com
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