Home EUR/JPY Technical Analysis: Occasional recovery targets the 118.29/38 band initially

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EUR/JPY Technical Analysis: Occasional recovery targets the 118.29/38 band initially

FX Street

Updated: 9 Oct. 2019 | 10:07

EUR/JPY has managed to leave behind Tuesday’s negative price action and it has now resumed the upside on the back of a better tone in the European currency and the selling bias in the Japanese safe haven.
In case the recovery gathers pace, the cross should meet initial albeit minor resistance in the 118.29/38 band, where coincide the 21-day and 55-day SMAs.
On the broader view, the bearish view stays intact as long as the 3-month resistance line, today at 118.90, caps the upside.

EUR/JPY daily chart

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