- EUR / JPY returned to the zone below 127.00 on Monday.
- Recent highs around 127.50 offer initial resistance.
The EUR / JPY extends the rejection of recent peaks in the 127.50 region and retreats to the area below 127.00 at the beginning of the week.
If the selling momentum picks up, then the next region of containment emerges in the 126.00 neighborhood, the lower bound of the recent multi-week consolidation theme.
Looking at the bigger picture, as long as it continues above the 200 SMA at 122.52, the outlook for the crossover should remain constructive.
EUR / JPY day chart
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