- EUR / JPY broke the key barriers at 125.00 and 126.00.
- Further upside now points to yearly highs around 127.00.
The EUR/JPY adding to the recent strong advance and breaking above key resistance around 126.00 following Tuesday’s breakout of another major hurdle at the 125.00 zone.
If the buying pressure manages to gain more traction, then the 2020 highs in the 127.00 zone (Sept 1) should return to investors’ radar. However, some correction could be showing as the cross flirts with overbought territory.
Looking at the bigger picture, while above the 200-day SMA at 121.56, the outlook should remain constructive. The October low of around 121.60 also reinforces this key buffer zone.
Daily chart
Technical levels
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