- EUR / JPY weakened, consolidating below 127.00
- The yen among the best performing currencies.
The EUR / JPY is declining for the second day in a row and continues downhill since hitting a week high of 127.00 on Monday. The price reached a floor in the European session on Tuesday at 126.54 before bouncing. It is trading at 126.65 / 70, they showed a slight drop.
The EUR / USD rally, which surpassed 1.2100, was only able to support the EUR / JPYas the yen is one of the best performing currencies on Monday. USD / JPY loses more than 50 pips, and almost a hundred considering the last 24 hours.
The pullback in Treasury yields, and a particular strength in the yen are pushing the EUR / JPY down.
Technical overview
EUR / JPY remains unable to assert above 127.00, reflecting difficulties in extending the rally beyond that level. If it can assert itself, the euro would be ready for more gains and a test of the recent highs at 127.50.
Below 126.50, the next support can be seen at 126.20 where the 20-day moving average is. Then 125.75 will appear on the radar.
Technical levels
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