- EUR/JPY is extending the rebound from recent lows in the 125.00 neighbourhood and has already regained the 127.30 region, closer to the 61.8% Fibo retracement of the May-July up move.
- While above recent lows near 125.00, a potential test of the 129.00 area remains well on the cards, although the cross should first clear the 21-day SMA at 128.28 seconded by the 200-week SMA in the 128.60 area.
- A surpass of the 129.00 area should allow for another test of the critical 200-day SMA in the 131.40 zone ahead of July’s peak just beyond the 132.00 mark.
EUR/JPY daily chart
Daily high: 127.37
Daily low: 126.26
Support Levels
S1: 126.12
S2: 125.88
S3: 125.68
Resistance Levels
R1: 126.58
R2: 126.78
R3: 127.03
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