- EUR / JPY extends consolidation around 126.00.
- Then on the upside, the 2020 highs emerge just above 127.00.
The EUR / JPY extends the erratic performance on Tuesday, always around the 126.00 stick, in a day of range travel in financial markets.
After hitting last week highs around 126.70, the EUR / JPY is now heading into a consolidation phase as it pulls back out of overbought territory. The breakout of the current range should lead the cross to target the 2020 peaks at the 127.00 zone (September 1 high) in the short term.
Looking at the bigger picture, as long as it remains above the 200 SMA at 121.69, the outlook should remain constructive. The October low of around 121.60 also reinforces this key buffer zone.
EUR / JPY day chart
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