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EUR/JPY hits fresh 4-year high

FXstreet.com (Córdoba) - Following a short-lived corrective move, the EUR/JPY resumed the upside and climbed to a fresh 4-year high during the European session as strong German IFO data gave the euro a boost.

November German IFO indicator showed broad improvements, beating analysts' expectations. The EUR/JPY extended its rally from levels sub-136.00 and reached a peak of 136.93, last seen Oct 2009. At time of writing, EUR/JPY is trading at the 136.80 area, recording a 0.3% gain on the day and accumulating 1.3% this week.

EUR/JPY technical levels

In terms of technical levels, EUR/JPY could find next resistance levels at 136.93 (daily high) and 137.00 (psychological level) ahead of 137.36 (Oct 27 2009 high). On the other hand, supports are now seen at 136.00 (psychological level/daily low) and 135.50 (Oct 22 high) ahead of 134.85 (10-day SMA).

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