EUR/JPY gains momentum and rises to 123.00

EUR/JPY gained momentum during the American session and climbed to 123.00, reaching the highest level since Thursday. 

Weak JPY, strong EUR

The pair rose after the beginning of the American session boosted by a decline of the Japanese yen amid risk appetite and a decline in US bond. In Wall Street, the Dow Jones index is moving toward new record highs and remains near 20,000 (still below), up 0.20% for the day so far. 

The euro is among the top performers in the currency market. EUR/USD is at daily highs above 1.0450 while EUR/GBP is on top of 0.8530. 

Levels to watch

Above 123.00, attention would turn to last week highs that lie at 123.20. If it consolidates on top it could open the doors for a test of 124.00. 

The short-term bias favors the upside. A break below 122.00/10, where the 20-day moving average stands, could change the short-term tone and favor a bearish correction. Below that level, support could be seen at  121.60 (Dec 19 low) and 120.90 (Dec 8 low).