- EUR / JPY recovers from recent weakness and climbs back above 128.00.
- Higher up are the yearly highs around 128.50 (Feb 17).
The EUR / JPY cross recovers from the pessimism seen earlier in the week and rises again around the 128.00 region during the European session on Tuesday.
The bullish movement seen in the last couple of weeks remains unchanged and is expected to retest the 128.50 region sooner rather than later.
Overcoming this region convincingly should expose the 129.30 zone (November 29 / December 13, 2018 highs), before targeting the psychological hurdle of 130.00. Above are the November 7, 2018 highs at 130.14.
Reinforcing the idea of ​​further rises, the EUR / JPY continues to move above the immediate support line (from the low of November 19, 2020) near 126.50. This zone is reinforced by the 55-day SMA.
Looking at the broader outlook, as long as EUR / JPY remains above the 200 SMA today at 124.07, the outlook for should remain constructive.
EUR / JPY daily chart
EUR / JPY technical levels
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