- EUR / JPY remains on the defensive below 129.00.
- Further weakness could see the 127.80 area tested again in the near term.
EUR / JPY extends bearish rally on Wednesday, below 129.00 support.
The bullish momentum now appears dented and a deeper pullback at the cross could lead to a new visit to the 127.75 / 80 band, where the 50-day SMA and the short-term support line coincide (from the November low). ). A break below the latter should ease the upward pressure and allow the downtrend to continue, at least in the short term.
Meanwhile, if it continues above the 200 SMA at 125.04, the overall outlook for the cross should remain constructive.
EUR / JPY day chart
.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
