Euro points towards 125.00 resistance zone

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  • The EUR / JPY rally extends above 124.00 and is approaching the 125.00 resistance area.
  • The immediate support levels are 124.15 and the 50-day SMA at 123.60.

The euro extended its uptrend against the Japanese yen on Wednesday, breaking above the 100-day SMA at 124.00, hitting two-week lows at the 124.50 zone.

Technical indicators on the daily chart allow for a further rise in the euro, with the RSI still below the overbought territory. On the upside, the next level of relevance is the 125.00 zone, which stopped the euro bulls on October 9, 20 and November 9. Once passed, the pair could head towards 126.10 (September 11 high) and 126.45 (September 10 high).

On the downside, immediate support is at 124.15 (intraday support) and below here, the 50-day SMA at 123.60 and 122.85 (Nov 19 low).

Daily chart

Technical levels

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