- EUR / JPY rally from 129.50 loses steam.
- Selling pressure is expected to ease from climbing past 132.70.
The downward momentum of EUR/JPY appears to have reached initial support in the 129.50 region last week. This area of support coincides with April lows.
The continued recovery points to some minor hurdles at the 100-day SMA and 20-day SMA near 131.10 and the July peak near 132.40 (July 1 high). The latter is also reinforced by the proximity of the 50-day average (132.33).
The ongoing bearish stance is expected to lose traction once the weekly highs around 132.70 (June 23 high) lag behind.
The outlook for the crossover is considered constructive as long as it remains above the 200-day SMA, today at 128.18.
EUR / JPY day chart
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