Home EUR/JPY Price Analysis: Solid resistance emerges near 124.20
FXStreet News

EUR/JPY Price Analysis: Solid resistance emerges near 124.20

  • EUR/JPY’s upside momentum run out of steam near 124.20.
  • The 3-month resistance line keeps capping extra gains.

The recent advance in EUR/JPY appears to have met a tough barrier at the 3-month resistance line near 124.20.

The cross managed to regain attention after bottoming out in the 122.40 area on Monday, where also converges the 100-day SMA. Buyers are expected to clear the 124.20 region to allow for a move higher to, initially, the 55-day SMA around 124.60 ahead of 126.46 (September 10 high).

Above the 200-day SMA, today at 120.91, the outlook on the cross is expected to remain constructive.

EUR/JPY daily chart

 

FX Street

FX Street

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions.