- EUR / JPY appears to be consolidating at the upper end of the range.
- To the upside, the 2020 highs appear just above 127.00.
EUR / JPY is managing to sustain above the key 126.00 barrier, clinging to last week’s gains.
After hitting last week highs around 126.70, the EUR / JPY now appears to move into a consolidation / corrective phase in the context of the current overbought conditions. The continuation of the bullish momentum should point to the 2020 peaks at the 127.00 zone (September 1 highs) in the near term.
Looking at the bigger picture, as long as it remains above the 200-day SMA at 121.65, the outlook should remain constructive. The October low of around 121.60 also reinforces this key buffer zone.
EUR / JPY day chart
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