- EUR / JPY continues to push higher and extends the bounce further.
- The intermediate hurdle is at the 55-day SMA near 124.70.
The EUR / JPY cross extends the bounce from last week’s lows, near the 123.00 level, due to improving risk appetite sentiment.
If the buying pressure gains additional traction, the cross is expected to meet an intermediate barrier in the 124.70 / 75 region, where the 55-day SMA is located, ahead of the most relevant monthly highs in the 125.00 area. (October 9).
As long as EUR / JPY remains above the 200 SMA today at 121.08, the outlook is expected to remain constructive.
EUR / JPY daily chart
Credits: Forex Street
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