- EUR / JPY gives up Tuesday’s rally and is back below 126.00.
- Further weakness could cause the 125.00 area to be retested.
The EUR / JPY bullish attempt has again lost momentum in the 126.20 region.
The rejection of this area leaves the door open to the resumption of the bearish leg and a possible visit to the lows of this year reached on Monday near 125.00. Lower the 100-day SMA emerges at 124.75 before the Fibonacci retracement (from the October-January rally) at 124.55.
In a broader perspective, as long as it remains above the 200-day SMA at 122.80, the outlook for the crossover should remain constructive.
EUR / JPY day chart
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