FXstreet.com (Barcelona) - After it rises more than 150 pips from the 122.00 to the 123.55, high since January 9th, in the early American session, the EUR/JPY has found a new resistance at 123.55. Currently, the pair is trading just above the 123.00 level.

The EUR/JPY has risen more than 700 pips since the last Wednesday from the 115.91 to today's monthly high at 123.55.

According to Nicolle Elliot, Senior Technical Analyst at Mizuho Corporate Bank, March could be a good month to see the pair back to the 130.00 level: At last moving back towards the middle of the band that has been in place since October. Note the very thin Ichimoku 'cloud' should not pose too much of a problem so that late in March we should be closer to the top of the band around 130.00. The 9-day moving average has crossed above the 26-day one adding weight to our view. A break above the mid-point of the range since October, roughly at 122.35 might be too much to hope for this week, but in March this should see some short-covering taking up back up towards 130.00. Consensus opinion is not this way round and is likely to find many once again incorrectly positioned. The one exception is KRW/JPY which dropped to a new recent low.