Forex: EUR/JPY retraces gains to 103.50, high at 103.77

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Forex: EUR/JPY retraces gains to 103.50, high at 103.77

FITITOL--> FXstreet.com (Barcelona) - Ahead of the American session, the EUR/JPY had found support just below the 103.00 psychological level. Improving sentiment lifted the pair up to 103.77 where it was capped after Fed’s Bernanke speech.

The current retracement has weakened the EUR/JPY towards 103.50 area. Despite the retreat, the pair is edging higher on the day unlike most days since April-end.

Mataf.net analysts point to resistances at 103.40, 103.70 and 104.00. On the downside, supports might be found at 102.95, 102.70 and 102.50.