- EUR / JPY bounces from lows and tests the 123.50 area.
- The 100-day moving average around 124.00 emerges as the next target.
EUR / JPY rallies from last week’s lows from the area below 123.00 and manages to regain the 123.50 region on Monday.
Meanwhile, while further pullbacks are not ruled out, a break above the 100-day SMA in the neighborhood of 124.00 should ease downward pressure and allow further advances, initially, to the monthly peaks just above 125.00.
The decline is expected to accelerate if the EUR / JPY breaks below last week’s lows in the 122.80 zone, exposing the key 200-day SMA, today at 121.40.
EUR / JPY day chart
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