- EUR / JPY extends Tuesday’s gains above 128.00.
- Above 129.50 the selling pressure should ease.
EUR / JPY manages to extend the weekly recovery above 128.00, although the bullish run faltered shortly before 128.80 on Wednesday.
In light of the current price action, the cross could move into a consolidation phase on the near-term horizon. That said, the initial hurdle is at the 10-day simple moving average at 128.85 ahead of the weekly high around 129.60 (Nov 24 high). If the latter is left behind, then the downward pressure is expected to ease somewhat.
Looking at the bigger picture, the outlook for the crossover is expected to remain negative, as long as it remains below the 200-day SMA, today at 130.54.
EUR / JPY day chart
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