EUR/JPY peeps above 132.00 on President Xi's pro globalization plan

• The JPY takes a hit as the equities rise.
• China's President Xi plans to open the economy further.

President Xi's pro-globalization stance has put a bid under the risk assets.

As of writing, the S&P 500 futures are up 1.2 percent or 32 points. DAX futures indicate the German benchmark equity index is set to rise 137 points or 1.12 percent. Meanwhile, the Asian markets are a sea of green. Japan's Nikkei index is up 1 percent or 237 points. Stocks in Australia and Hong Kong are up 0.7 percent and 0.9 percent, respectively.

Consequently, the anti-risk Japanese Yen is being offered across the board. The EUR/JPY pair has chewed through the descending 50-day moving average and now trades at a session high of 132.03.

The cross could rise further as investors in Europe and US will likely scale back expectations of a full-blown US-China trade war.

EUR/JPY Technical Levels

The 200-day MA is lined up at 132.12 (200-day MA). If bettered, the pair could target 133.02 (100-day MA) and 133.06 (Feb. 21 high). Meanwhile, a failure to hold above the descending 50-day MA of 131.91 could yield a pullback to 5-day MA located at 131.47. A violation there would expose the 10-day MA stationed at131.17.