- Following the recent break below the critical support around the 129.00 handle, EUR/JPY is now attempting some consolidation in the 128.70 area.
- The recently cleared area around 129.00 (low July 27) has now become an interim target in case the bullish sentiment re-emerges. The 55-day SMA at 129.14 also reinforces this zone.
- Deeper pullbacks should open the door to a potential visit to June’s low in the 126.60 region. If cleared on a sustainable fashion, YTD low at 124.61 (late May) should come to the fore.
EUR/JPY daily chart
Daily high: 129.47
Daily low: 128.55
Support Levels
S1: 128.76
S2: 128.34
S3: 128.09
Resistance Levels
R1: 129.43
R2: 129.68
R3: 130.10
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