- EUR / JPY trades without clear direction around 130.00.
- The 130.20 region still limits bullish attempts.
The EUR/JPY manages to regain the 130.00 zone after falling to the 129.70 / 65 band on Monday.
The possibility of more range runs appears, at least in the very short term. With that said, the cross needs to break past recent peaks around 130.20 to allow for further recovery. Higher up is the weekly high in the 131.00 zone (July 13 high). The proximity to the 100-day SMA (131.18) reinforces this hurdle. Also, beyond this area, downward pressure is expected to ease.
As long as EUR / JPY remains above the 200-day SMA at 128.47, the outlook for EUR / JPY is expected to remain constructive.
EUR / JPY day chart
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