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  • EUR/JP’s upside meets tough hurdle in the mid-124.00s.
  • If this level is cleared, then the next target aligns at 125.00.

EUR/JPY’s recovery appears to have stalled in the 124.50 region so far this week, giving way to the ongoing knee-jerk.

A surpass of this area should allow for a visit to the monthly peaks just past 125.00 the figure, where is also located  the October’s high. However, if the corrective downside extends further, EUR/JPY could re-visit recent lows in the 122.85/80 band (November 19).

The downside bias is expected to alleviate somewhat on a breakout of the 125.00 region in the near-term.

EUR/JPY daily chart

 

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