- EUR / JPY resumes higher and tests the 126.70 area.
- To the upside, 2020 highs emerge just above 127.00.
EUR / JPY leaves Thursday’s retracement behind and resumed its rise towards new highs in the 126.65 / 70 band on Friday.
If the buying pressure manages to gain more traction, then the 2020 peaks at the 127.00 zone (September 1 high) should return to investors’ radar. However, some corrections should not be ruled out as the cross navigates into overbought territory (RSI at 74.5 currently).
Looking at the bigger picture, as long as it remains above the 200-day SMA at 121.63, 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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