- EUR / JPY extends the bounce and tests the key 124.00 zone.
- Monthly peaks just beyond 125.00 appear as the next key level.
EUR / JPY rebounded from last week’s lows of the area below 123.00 and is now flirting with the 124.00 zone where the 100-day moving average is located.
If buying pressure picks up strength, a break above this area should allow for a further rise to initially revisit the current month’s peaks just above 125.00.
On the flip side, losses are expected to accelerate if the EUR / JPY breaks below last week’s lows at 122.80, exposing the key 200-day SMA today at 121.43.
EUR / JPY day chart