- EUR / JPY extends consolidation above 126.00.
- Next upside target appears at the 2020 high near 127.20.
The EUR / JPY extends the consolidation tone above the 126.00 level for yet another session, at the start of 2021.
The cross remains sideways since December with the rises so far capped by the 2020 high near 127.20 (December 29) and strong support emerging around 125.70. The sideways stance also appears to be reinforced by the RSI near the 50 area.
The break of the current lateral range should motivate the cross to target the 2019 peak at 127.50 (March 1). The lows, on the other hand, are expected to find support in the 125.00 neighborhood (October / November highs).
Looking at it from a broader perspective, as long as it remains above the 200 SMA at 122.32, the bias will remain bullish.
EUR / JPY day chart
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