- The strong retracement of the EUR / JPY on Wednesday stopped around 127.30.
- This year’s high near 128.50 now emerges as the next target.
Following new 2021 peaks at the 128.50 area on Wednesday, the EUR / JPY triggered a downward correction to the 127.30 region.
The bullish movement of the last few weeks appears unchanged and is expected to retest the 128.50 area. A convincing break of that zone should expose the 129.30 area (November 29 and December 13, 2018 highs) before the 130.00 psychological barrier. Above are the monthly highs around 130.15.
Reinforcing the idea of ​​a higher rally, the EUR / JPY continues to trade above the immediate support line (from the low of November 19, 2020) near 126.40.
In a broader perspective, as long as the EUR / JPY remains above the 200-day SMA at 123.89, it should remain bullish.
EUR / JPY day chart
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