EUR/JPY regains 116 and beyond, what next?

The EUR/JPY cross extends its bounce in early Europe, now flirting with daily tops reached at 116.17 some minutes ago.

EUR/JPY targets 10-DMA at 116.34

The EUR/JPY pair now advances +0.17% to 116.14, extending the rebound from a dip to 115.95. The spot is back on the bids amid a renewed buying-wave seen behind the EUR/USD pair, as the greenback looks vulnerable broadly heading towards the European session.

Also, a minor-recovery staged by the USD/JPY pair amid improving risk-appetite adds to the renewed upside in the cross. Risk sentiment appears to have improved amid stalled selling in oil prices and US yields.

Markets now looks forward to the US economic releases due to be reported later in the NA session for fresh momentum, as the EUR calendar remains absolutely data-empty.

EUR/JPY: Technical Levels                               

Higher side: 116.34 (10-DMA), 116.89 (classic R2/ Fib R3), 117.64/70 (20-DMA/ classic R3)

Lower side: 115.61 (5-DMA), 114.85 (4-month low), 114.50 (psychological levels)