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The recovery points back to the 130.70 area

  • EUR / JPY reverses recent weakness at 129.70.
  • Next to the upside appear the highs of the month near 130.70.

EUR / JPY manages to return to positive territory after two consecutive daily setbacks and after setting new lows in the 129.70 region.

The weekly bearish leg of the cross found initial and intermediate support around 129.70. The continuation of the bounce faces a small hurdle at the Fibonacci level near 130.30 ahead of the most relevant monthly highs in the 130.70 area. Higher up is the key barrier just past 131.00, where the late-July highs, the 100-day simple moving average, and another Fibonacci retracement (from the June-August dip) coincide.

As long as the cross remains above the 200-day SMA (129.47), the outlook for EUR / JPY is expected to remain constructive.

EUR / JPY day chart

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