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  • EUR/JPY struggles for direction above the 124.00 yardstick.
  • Traders’ focus remains on the monthly tops just above 125.00.

EUR/JPY’s bounce off last week’s lows in the sub-123.00 area appears to have met a tough near-term resistance in the mid-124.00s for the time being.

A surpass of this area should allow for a visit to the so far monthly peaks just past 125.00 the figure. This area also coincides with October’s highs. Extra upside pressure is then expected to meet the next resistance of significance at the 2020 high in the 127.00 neighbourhood (September 1).

On the opposite side, losses are expected to accelerate if EUR/JPY breaks below last week’s lows in the 122.80 zone, exposing the key 200-day SMA, today at 121.45.

EUR/JPY daily chart

 

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