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  • EUR/JPY approaches the key barrier at 125.00 on Tuesday.
  • If this level is cleared, then the next target comes in at 127.00.

EUR/JPY fades Monday’s negative price action and resumes the upside towards the key 125.00 neighbourhood.

If this important hurdle is cleared in the near-term, then there are no relevant resistance levels until the 2020 peaks in the 127.00 neighbourhood (September 1).

Looking at the broader picture, while above the 200-day SMA at 121.53 the outlook should remain constructive. The October’s low around 121.60 also reinforces this key contention zone.

EUR/JPY daily chart