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An extension of the range seems likely

  • EUR / JPY extends swing activity around 124.00.
  • Immediately to the upside, the obstacle of 125.00 arises.
  • EUR / JPY remains sideways between the 100-day and 55-day SMAs at 123.50 and 124.65, respectively, for the time being.

More consolidations are likely amid a broad-based cautious stance in world markets. A move below the 100-day SMA should open the door for further losses to key support at monthly lows near 123.00. On the upside, the 125.00 region continues to limit occasional bullish attempts.

Meanwhile, as long as it is above the 200-day SMA at 121.11, the outlook on the cross is expected to remain constructive.

Daily chart

Technical levels

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Credits: Forex Street

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