- EUR / JPY retraces Friday’s advance and falls below 129.00.
- The 128.00 region is expected to support the decline.
The EUR / JPY cross starts the week with a soft tone, although it manages to recover from the previous daily lows reached in the region of 128.85 / 80.
Meanwhile, as long as the cross sustains above the 128.00 region, where the 50-day SMA and the short-term support line from the November low coincide, additional gains are likely in the near term.
A break below that level should ease the upward pressure and allow the downtrend to continue, at least in the short term.
On the broader view, as long as EUR / JPY remains above the 200 SMA at 125.17, the outlook should remain constructive.
EUR / JPY daily chart
EUR / JPY technical levels
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