Initial support emerges at 126.00

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  • EUR / JPY bounces off recent lows near the 126.00 level.
  • The rise remains limited by current year’s highs around 127.50.

EUR / JPY appears to regain some momentum to the upside after hitting recent weekly lows in the vicinity of the 126.00 level.

If support at the 126.00 zone clears in the short term, then the next intermediate level is at 125.70 (December 16 low), or the lower bound of the recent multi-week consolidation range. Lower down is the 55-day SMA just above 125.00.

From a broader perspective, as long as it remains above the 200 SMA today at 122.65, the bullish bias will remain.

EUR / JPY day chart

EURJPY

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