EUR/JPY rises to 3-week highs, limited by 132.00

• Spot breaks above 131.50 and climbs toward 132.00.
• Yen lower amid risk appetite: DJIA rises more than 400 points. 

The EUR/JPY pair is rising on Monday, headed for the fifth gain out of the last six days. The pair gained momentum amid risk appetite. 

After the beginning of the American session, the euro peaked at 131.98, hitting the highest level since March 14. Afterward pulled back modestly to 131.65. As of writing, was at 131.70/75, up around 45 pips for the day. 

The main driver of price action on Monday was risk appetite. In Wall Street, equity prices were rising. The DOW JONES was up 1.80% and the NASDAQ 2.15%. Earlier comments from Bank of Japan Governor Kuroda had no impact. He mentioned that it was too early to speak about an exit strategy. 

EUR/JPY Technical levels 

To the downside, immediate support is seen at 131.60/65 (US session low), 131.05 (Apr 5 low), 130.85 and 130.55. On the upside, immediate resistance lies at the 132.00 area, followed by 132.40 (Mar high) and 133.05 (Feb 21 high / Jan 10 low).