Forex: EUR/JPY down below 127.50 on Yen strength

FXstreet.com (Barcelona) - EUR/JPY is last at 127.22, off session and fresh 8-day lows at 127.04, on the back of Yen strength, following USD/JPY sell-off to fresh session lows at around 97.32. Yen is the strongest currency among majors for last 2 trading days, while USD is the weakest, followed by Swiss Franc, Euro and Aussie.

According to FXWW founder Sean Lee, in case EUR/JPY “start trading below the previous important resistance at 127.60 then the bulls will become even more worried,” the analyst says. The cross has lost -0.38% so far for the week, with main local markets closed for holiday like Japan or China, while down -2.04% since past Monday.

Immediate support to the downside for EUR/JPY lies at mentioned session lows 127.07, followed by April 08 lows at 126.64, and April 17 lows at 126.42. To the upside, closest resistance shows at April 23 lows 127.85, followed by session highs at 128.05, and April 24 lows at 128.74.