EUR/JPY hits 2-week highs above 116.00

EUR/JPY is rising sharply on Tuesday on the back of a weak yen in the market. The pair started the day trading around 113.50 and recently printed a fresh daily high at 116.09.

So far the pair has been unable to consolidate above 116.00 and pulled back modesty form the highs and it was trading at 115.60/70. For the second day in a row, EUR/JPY is rising more than 200 pips.

It is trading at the highest level since the Brexit referendum result but still, remains more than 500 pips below the level it had before the vote.

EUR/JPY above key levels

The recent rally brought the price above 114.80/115.00, where post-Brexit highs were located and it is also climbed above the 20-day moving average. If it continues to rise, resistance levels might be located at 116.00/10 (daily high / psychological), 116.80/85 (June 17 low) and 117.30 (June 21 low). On the opposite direction, support might now be seen at 115.40 (European session high) and 114.80 (June 30 high).