- EUR / JPY bounces off multi-week lows near 121.60.
- Higher up it is at the 100-day SMA around 123.60.
EUR / JPY regains bullish pressure and advances sharply above the key barrier at 122.00 amid widespread sentiment of risk appetite in global markets.
The continuation of this uptrend should hit the initial hurdle at the 100-day SMA, at the 123.60 region, before targeting a minor resistance at 124.30, where the 55-day SMA lies.
Looking at the broader picture, as long as it remains above the 200 SMA today at 1 121.15, the outlook for EUR / JPY is expected to remain constructive.
EUR / JPY daily chart
Credits: Forex Street
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