EUR/JPY Price Analysis: Solid resistance emerged at 130.00

  • EUR/JPY corrects lower after hitting 130.00 on Thursday.
  • Above 130.00 comes in the November 2018 high at 130.14.

EUR/JPY run into some selling pressure following Thursday’s new 2021 highs in the 130.00 neighbourhood.

If bulls regain control in the near-term, the a move above the 130.00 mark should put the 130.14 level (November 7 2018) back on the radar ahead of the summer 2018 high at 131.98 (July 17).

Reinforcing the idea of extra gains, EUR/JPY keeps trading above the immediate support line (off November 19 2020 low) near 126.65, where also coincides the 55-day SMA.

Looking at the broader picture, while above the 200-day SMA at 124.24 the outlook for the cross should remain constructive.

EUR/JPY daily chart

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