- EUR / JPY extends instinctive momentum well below the 130.00 level.
- There is intermediate support at the 20-day moving average around 129.20.
EUR / JPY broke below the 130.00 zone and is at multi-day lows around 129.50.
Despite corrective weakness, the bullish bias at the crossover remains good and solid for now. There is still the possibility of more rises and of an overcoming of this year’s highs close to 130.70, the immediate objective is at the obstacle of 131.00 followed by the maximum of the summer of 2018 at 131.98 (maximum of July 17).
Reinforcing the current positive stance, the EUR / JPY continues to trade above the immediate support line (from the low of November 19, 2020) at the 127.60 area, also coincident with the 50-day SMA. Below this zone, upward pressure is expected to ease somewhat.
In a global perspective, as long as it is above the 200 SMA at 124.92, the outlook for the crossover should remain constructive.
EUR / JPY day chart
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