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EUR/JPY jumps to one-year highs above 125.00 as the yen tumbles
July 31, 2020 03:58 GMT | By Matías Salord
EUR/JPY jumps to one-year highs above 125.00 as the yen tumbles
Yen drops across the board despite lower equity prices in Wall Street.
EUR/JPY heads for the highest weekly since April 2019.
The EUR/JPY pair is rising for the third day in a row. On Friday it accelerated to the upside, hitting levels above 125.00 for the first time in a year. It peaked at 125.20 and then pulled back to 124.75. As of writing, it is hovering around 125.00, up a hundred pips for the day.
From a technical perspective, a key development in EUR/JPY was the breakout of the 124.20/30 resistance band. It is now about to post the highest weekly close since April of last year. It is the fifth weekly gain out of the last six weeks. Technical readings show overbought readings suggesting some consolidation could take place before another leg higher.


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