Forex: EUR/JPY extends advance to 129.25

FXstreet.com (San Francisco) - The Euro is rallying against the Japanese yen following the ECB decision to cut by 25 bps its interest rate to 0.50%. The EUR/USD has jumped 170 pips in the latest hour from intra-day low at 127.55 to break the 128.40, to trade above the 129.00 region and to reach fresh highest level since April 26 at 129.25.

Currently the EUR/JPY is trading at 129.10, 0.56% above opening price. The pair is trading slightly bullish according to the FXstreet.com trend index with indicators such as MACD, CCI and Momentum pointing to the north while the Stochastic is neutral.

Above the 129.25, next resistances are at 129.40 and 129.90. ON the downside, supports are at 128.70, 127.90 and 127.30.