EUR/JPY surges from weekly lows

FXstreet.com (Córdoba) - After trading for hours in a small range between 141.40 and 141.20 the EUR/JPY broke to the upside and hit 141.75, fresh daily high as stocks in Japan soar in the first half of trades. The Nikkei 225 is rising more than 1%, weakening the Yen across the board.

At the moment of writing the pair is trading at 141.61, up 0.23% from today's opening price and is getting closer to the 142.00 area.

EUR/JPY technical outlook

Valeria Bednarik, Chief Analysts at FXstreet.com affirms: “In the 4 hours chart the pair shows a small H&S figure of a height of 200 pips, with the neckline around 141.00 and indicators heading lower below their midlines, supporting a downward continuation for today”. Bednarik points out the 142.15 area as key resistance to break to revert current bearish tone.