The Yen Depreciating

The Yen has been going down against all its peers lately. The EUR/YEN pair is rallying since mid-April when price was a bit below 115. Then the French elections gave some boost to the Euro causing the pair to gap open in the end of April.

Currently, EUR/YEN is trading at 124.20 and although it made a minor move down yesterday, bulls have successfully managed to put it back up to the latest high at 124.50.

If the last high is broken, the pair would most likely continue to first bull target at 125.00. It is expected that bears will try to take control over it and make a corrective wave which could cause the pair to reduce in price to first probable target at 120.00.

The pair has made a great rally going about 1000 points in less than a month. Currently, the levels are a decisive factor for the future progress of the pair.

Chart: EUR/YEN H4