- EUR/JPY reverses recent weakness and recovers to 141.00 and beyond.
- Further rallies seem likely as long as it is above the 138.80 area.
The EUR/JPY It leaves behind four consecutive daily pullbacks and recovers the area above 141.00 on Monday.
The bullish bias on the cross remains as long as the support line around 138.80 holds the downside. This containment zone is currently reinforced by the 55-day SMA. That said, the next target to watch is the 2022 high at 144.27 (June 28).
In the longer term, the constructive stance on the cross remains well supported by the 200-day SMA at 132.89.
EUR/JPY daily chart
Technical levels
Source: Fx Street
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