Forex: EUR/JPY soars on Cyprus tentative deal

FXstreet.com (Córdoba) - The EUR/JPY jumped from 122.70 to 123.77 as a tentative deal between Cyprus and the European Union was reached. The euro is the best performer so far on Monday while the yen is among the worst. The EUR/JPY is currently trading at daily highs around 123.80; the strongest level since last Thursday supported by a potential deal in Europe and risk appetite.

“To the upside, the pair needs to settle above the 124.00 area to erase the bearish tone and turn higher”, says Valeria Bednarik, chief analyst at Fxstreet.com. If the pair extends the rally above 124.00, the next resistance lies at 124.40.

To the downside the support levels are located at 123.40, 122.60 and 122.00.