Decent support appears near 132.50

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  • EUR / JPY reverses recent weakness near the 132.50 level.
  • The recovery points to the 2021 highs above 134.00.

EUR / JPY managed to regain some bullish momentum after two consecutive daily pullbacks on Monday.

After a decent containment in the 132.50 region, the ongoing bullish attempt could be extended further, unimpeded, to current year’s highs beyond 134.00.

Higher up are the September / October 2017 highs at 134.40 / 50. Further gains are likely as long as the cross remains buttressed by the immediate support line (from March lows) near 131.70. This zone is also reinforced by the proximity of the 50-day SMA (131.93).

In the bigger picture, as long as the cross remains above the 200-day SMA at 127.45, the broader outlook should remain constructive.

EUR / JPY day chart

EURJPY

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