FXstreet.com (Barcelona) - The EUR/JPY rally initiated last Friday after the better than expected UK retail sales data at the 117.86 support is continuing today during today's European session rising more than 160 pips from 120.00 to 121.92, February's high.

Currently, The EUR/JPY is trading at 121.65/85 in a new attempt to cross the 122.00 line and break the 122.17, as January 19th high.

On the other hand, the GBP/JPY has risen more than 500 pips today, from the 133.80 at the beginning of the Asian sesion to the 139.14, February's High. Right now, the pair is trding around the 138.70/80 band. If the rally continue, the pair will break the 140.00 support, as January 9th high.

According to Valeria Bednarik, FXstreet.com's Collaborator: The weight of negative economic data has finally proved to be too much for Japanese yen. The currency has turned bearish and despite some intraday corrections, key breakout levels have been already tested. Watch for daily close above the 94.60 zone against dollar, 137.65 against GBP, and 121.00 zone against Euro, for further continuations in the longer term.