- EUR / JPY reverses Monday’s strong rally after reaching levels above 125.00.
- Now this area is expected to emerge as solid resistance.
The EUR / JPY came under some downward pressure after an auspicious start to the week.
EUR / JPY rose and tested multi-week highs beyond 125.00 at the beginning of the week, although the rally lost steam soon after. A move beyond this level should put the 2020 highs in the 127.00 zone back on the radar.
Additional gains are still likely as long as it is above the key 200-day SMA at 121.23. This key contention area is also reinforced by October lows around 121.60.
EUR / JPY day chart
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Credits: Forex Street
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