EUR/JPY trades +0.36% higher on the knee jerk post Macron victory

EUR/JPY opened higher today at 124.30 with a high of 124.59 vs the close of 123.54 according to early quotes from Bloomberg after Macron wins the French presidential elections in a landslide win of over 65%.

Markets opened at 8pm London time and the euro scored a first high at 1.1010 on an open of 1.0999 according to Bloomberg while Reuters reported a high of 1.1011. The Friday close was 1.0985. EUR/JPY translated into a bid as well with the greenback dragging the Yen lower to 113.08 as a relief in the markets.

However, it could be a sell the fact scenario as and when markets brush off the initial knee jerk reaction and get back down to basics, looking and comparing the EU economy and Central Bank policies again. It is indeed a question of how much this was already priced in. 

Support levels: 123.65 123.10 122.60. Resistance levels: 124.95.

• EUR/JPY analysis: challenging December 2016 high
• First exit polls: Emmanuel Macron projected to win French presidential election second round
• EUR/USD opened at 1.0999 and made a first high at 1.1010 after Macron's victory