EUR/JPY extends gains above 115.00

EUR/JPY has been able to erase losses, after rebounding from monthly lows and during the American session extended gains. The pair printed a fresh daily high at 115.66. Currently, it trades at 115.50/55, up 30 pips from Friday’s closing price. Those gains, so far, are enough for the euro to have the best day versus the yen since March 24. 

Earlier today, the pair bottomed at 114.84, the lowest since November 9 (US Presidential Elections). The yen opened the week rising sharply following Friday‘s US data, that showed a soft reading in inflation and a contraction in retail sales and also amid geopolitical concerns. 

During the last hours, the Japanese currency lost momentum amid a rally in US stocks and a decline in US bonds. 

Technical levels 

To the upside, resistance levels might be seen at 115.65/70 (daily high), 115.95 y 116.50/55 (Apr 12 high). On the flip side, support could be seen at 115.15 (Apr 14 low), 114.80/85 (daily low) and 114.55 (Oct 10 high).