- The better mood around the Japanese Yen has brought in renewed weakness to the cross, dragging it to levels last seen early in the year in the 123.40/35 band.
- If the selling pressure picks up extra pace, the next target should emerge at 122.58, January 4 low, ahead of the ‘flash crash’ to sub-119.00 levels seen on January 3.
- On the broader picture, EUR/JPY is posed to remain under downside pressure as longs as the multi-month resistance line, today ay 126.30, caps the upside.
EUR/JPY daily chart
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