The weekly recovery in EUR/JPY lost traction in the mid-120.00s. The resumption of the buying bias should target the 121.50 region. The cross met strong resistance in the 120.50 region on Monday, coincident with the 21-day SMA. Th subsequent inability of EUR/JPY to surpass this hurdle has motivated sellers to return to the markets in tandem with the quick pick up in the demand for the safe haven Japanese yen and the generalized risk-off mood in the global markets. A deeper retracement should meet moderate contention in the 119.45/24 band, where converge the 100-day and 55-day SMAs as well as monthly lows recorded on November 14th. In order to alleviate the immediate downside pressure, the cross needs to overcome weekly highs in the 120.50 region and therefore refocus on October peaks in the 121.50 region ahead of the key 200-day SMA AT 121.78. 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. View All Post By FX Street FXStreet News share Read Next Russia’s Novak: Oil demand growth in 2020 to be around 1 million bpd FX Street 3 years The weekly recovery in EUR/JPY lost traction in the mid-120.00s. The resumption of the buying bias should target the 121.50 region. The cross met strong resistance in the 120.50 region on Monday, coincident with the 21-day SMA. Th subsequent inability of EUR/JPY to surpass this hurdle has motivated sellers to return to the markets in tandem with the quick pick up in the demand for the safe haven Japanese yen and the generalized risk-off mood in the global markets. A deeper retracement should meet moderate contention in the 119.45/24 band, where converge the 100-day and 55-day SMAs as well as… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
