- The EUR / JPY extends the bearish tone and approaches the 131.00 area.
- Initial support emerges at the 100-day moving average at 130.80.
The backward movement of EUR/JPY It seems to have run out of strength in the 131.30 area so far this Wednesday.
Following the rejection of last week’s highs around 132.70, the cross sparked a bearish move that threatens to spread further south in the short term. Initial and provisional supports line up at the 100-day SMA today at 130.80, ahead of the monthly low in the 130.00 area (June 21 low).
The daytime RSI is approaching oversold territory, indicating that a potential bounce could be in the making.
In the bigger picture, as long as the cross remains above the 200-day SMA at 127.87, the outlook should remain bullish.
EUR / JPY day chart
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