Markets

The recovery points to the 125.00 area

October 19, 2020
12:01 PM

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

Credits: Forex Street

Donald Westbrook

Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.

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