The end-of-month flows and the beginning of the new month did not stop previous trends: as February begins, USD/JPY breaks above 92 and reached a new 32 month high. Also EUR/JPY continues upwards, extending the ~1000 pip gain from January. 
USD/JPY: After hesitating and consolidating under 91.40, the end of end-of-month flows released another move upwards, and the pair reached new highs of 92.32. The next line of resistance is 92.88, followed by 943.77 and 94.70 (just before the round and well cited number of 95).
Japanese politicians may want to talk down the pair when it reaches 95: this has been marked as a target. A weaker currency also means more expensive imports. This can weigh on Japan, which imports fossil fuels.
On the downside, 91.40 is now support, followed by the round number of 90. For more, see the USD/JPY forecast.
EUR/JPY: This cross opened January at 114.46 and closed the month at 124.94: 1048 pips in a single month. There was no stopping there, and the pair surged above the round number of 125 to peak (at the time of writing at 125.56). 
The next big resistance line is 127, followed by 131. Here is more on the big picture in EUR/JPY.
The move of EUR/JPY higher was also due to a new surge in EUR/USD: the world’s most popular pair broke above 1.36 to a new high, and continues trading very nicely just under uptrend resistance. This is shown and explained here.
One thing that could ruin the party, or at least shake the markets temporarily, is the release of the US jobs report. So far, all kinds of news haven’t stopped the larger trend, but this is still the “king of forex tradingâ€.
See how to trade the Non-Farm Payrolls with EUR/USD.
