- EUR / JPY corrects lower from Friday’s high of around 131.00.
- There is a temporary hurdle at the 131.15 Fibonacci level.
EUR / JPY partially weakens after Friday’s strong advance after faltering once again around the 131.00 zone on Monday.
The recent breakout of the critical 200-day SMA (130.50) should underpin additional gains at the crossover on the short-term horizon. That said, the rises are now facing the next minor barrier at the Fibonacci level (from the October-December dip) at 131.15. Higher up is 131.41 (November 10 high) ahead of another Fibonacci level at 132.17.
While it is above the 200-day SMA, the outlook for the EUR / JPY should point to additional gains.
EUR / JPY day chart
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