- EUR / JPY regains some composure, although it still remains below 129.00.
- A further decline could cause the 128.00 area to be retested in the short term.
The EUR/JPY posts modest gains above 128.00 on Thursday, although another test / break of 129.00 remains elusive for now.
The EUR / JPY manages to reverse Wednesday’s sharp decline to the 128.30 area and opens the door to some recovery in the short term. Against that, there are minor hurdles at the 20 and 10-day SMAs at 129.15 and 129.28, respectively. Higher up are the monthly highs so far at mid-129.00 (October 6), the area coinciding with the 55-day SMA and a Fibonacci level (from the June-August drop).
The short-term outlook for the cross remains bearish while below the critical 200-day SMA, today at 129.74.
Daily chart
Technical levels
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