- The EUR / JPY extends runs with no clear direction below 124.00.
- Immediately to the downside the lows of the month are lined up around 123.00.
EUR / JPY’s stance remains neutral / bearish so far this week and flirts with the 100-day mean around 123.50 on Tuesday.
Further consolidations are likely amid a broad-based cautious stance in global markets, although a loss of the lower end of the range in the 123.50 zone could lead to another visit to monthly lows in the neighborhood of 123.00 in the short-term horizon.
On a broader perspective, as long as it remains above the 200-day SMA at 121.12, the outlook for the crossover is expected to remain constructive.
EUR / JPY day chart
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Credits: Forex Street
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