EUR/JPY retreats but remains above key level

  EUR/JPY broke earlier a 3-week trading range to the upside and climbed to 114.68, reaching the strongest level since August 2. From the highs, it pulled back and it was triaging at 114.15/20, up 0.20% for the day.

Despite the retreated EUR/JPY so far it has been able to hold above a key level, the 114.00 zone, that was the upper limit of the trading range that limited price action since early August until today. During the Asian session, price broke above 14.00 and gained momentum.

A daily close around current levels would be the highest in a month and could open the doors to more gains but the euro needs to hold above significantly above 114.00.

EUR/JPY technical levels

To the downside, support level lie at 114.00 (Aug 12 & 22 high), 113.55/60 (Aug 25 high) and 112.75/80 (last week high). On the flip side, resistance might be located at 114.65/70 (daily high), 115.00 (psychological) and 115.45 (June 16 low).