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The recovery points to the 125.00 area

  • EUR / JPY is moving to multi-day highs and flirts with the 124.00 level.
  • The next resistance on the upside is the 125.00 level.

EUR / JPY rebounds sharply and picks up buying interest thanks to improved risk appetite.

If buying pressure gains additional traction, then the cross is expected to hit the next relevant barrier around the monthly highs near 125.00 (Oct 9).

As long as EUR / JPY remains above the 200 day SMA, today at 121.07, the outlook is expected to remain constructive.

EUR / JPY daily chart

EURJPY

Credits: Forex Street

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