FXstreet.com (Barcelona) - The Euro continues moving higher against the Yen, to reach a 170 pips rally after bouncing up from 117.490 right before the European session opening. At the moment the pair is trying to consolidate above 119.90 (Feb 5 and Feb 13 high.)

In case of successful move above the aforementioned level, the pair could aim to 120.00 Feb 9 high. On the downside 118.13 and 117.40 would be the levels to halt an eventual downward correction.

On the longer term, Valeria Bednarik, collaborator at FXstreet.com affirms that the pair is ready for an upside move: The pair has been consolidating long enough around 5 years lows, and with Japanese Yen loosing strength longer term correction is close to begin

Bedarnik observes the possibility of a rally above 121.30: Moving in an ascendant channel, and with indicators pointing for a continuation, with 120.00 level as first tough resistance, followed by the daily descendant trend line, today around 121.30 a break above it, plus the break of the ascendant channel roof (close to it), could trigger longer term upside movements, as long as the base (today around 114.55) holds the downside.