- EUR/JPY bounces off recent low near 124.40.
- Resurgent risk appetite favors daily rally.
EUR/JPY has made up some ground so far, breaking above the 126.00 barrier at Tuesday’s turnaround.
There are no relevant resistance levels in sight should the recovery pick up steam. The next key level is the temporary 10-day simple moving average expected near 127.90, ahead of the 20-day simple moving average at 129.85. On the other hand, giving back the 2022 low at 124.31 (March 7) would leave it exposed to a drop to the 122.84 level (Nov 19 low) before the October 2020 low at 121.61 (Oct 30).
As long as it remains below the 200 SMA – today at 130.12 – the outlook for the cross is expected to remain negative.
EUR/JPY day chart
Source: Fx Street
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