- EUR/JPY has resumed the correction lower towards the 125.00 neighbourhood, and at the same time is keeping alive a probable re-test of the critical support around 124.60, or yearly lows.
- The downside pressure gathered speed after the cross breached on quite a sustainable fashion the key support at 129.00 the figure earlier in the month.
- However, the current oversold condition of the cross could open the door for a potential and temporary squeeze higher, which should meet initial resistance at the 10-day SMA at 127.17.
EUR/JPY daily chart
Daily high: 126.45
Daily low: 125.57
Support Levels
S1: 125.47
S2: 124.76
S3: 124.24
Resistance Levels
R1: 126.70
R2: 127.22
R3: 127.93
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