EUR/JPY rebounds from 1-months lows, remains above 130.00

• EUR/JPY finds support near 130.00 and trims losses. 
• Yen losses momentum as Wall Street turns positive.

The EUR/JPY pair moved off lows during the last hours amid an improvement in risk appetite. Equity prices in Wall Street erased all losses and weakened the yen, pushing EUR/JPY back to the 131.00 area. 

Earlier today, the euro bottomed at 130.24, the lowest level since April 4. From the lows recovered ground and rose to 131.03.  So far it failed to consolidate on top of 131.00 but remains far from the lows, trading around 130.90. 

Despite the recovery, EUR/JPY heads fro the fourth decline in a row and the sixth out of the last seven trading days. The negative tone remains intact but the recent bounce could point to some consolidation ahead of the weekend, before another attempt to 130.00 or a bullish correction. 

EUR/JPY Technical levels 

If the pair extends its recovery, resistance could be located at 131.00, 131.20/25 and 131.85 (Apr 27 & 30). To the downside, support levels might be seen at 130.60, 130.25/30 and 129.95 (Apr 2 & 3 low).