- EUR / JPY continues in consolidation mode in the very short term, with an upward trend.
- Optimism in markets continues to support the crossing.
EUR / JPY is trading unchanged on Tuesday around 126.30 / 35, after having risen to 126.60. The 126.60 / 70 area remains a key resistance, which is holding back the gains.
The upward trend remains firm, although to enable an extension it must exceed and affirm above 126.60 / 70, which is the upper limit of the current consolidation range. It has support at 125.70 / 80. The break of this level, would point to an extension of the downward correction, with a possible fall below 125.00.
The subas are supported by what happens in the bags. The appetite for risk supports the EUR / JPY through some weakness in the yen and the rise of the EUR / USD.
The EUR / JPY’s fortunes may be tied to EUR / USD’s which remains bullish, facing stiff resistance at the 1.2160 / 70 barrier. If broken and confirmed to the upside, this could propel the euro against the yen, leading it to test August highs above 127.00.
Technical levels
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