- EUR / JPY is holding sideways in the 132.00 region.
- More raises are likely to break 132.70 in the short term.
The EUR/JPY it extends the consolidation around the 132.00 level on Monday.
The recovery seems stagnant. The crossover needs to clear last week’s peaks near 132.70 to allow for more progress. This resistance area is reinforced by the 20-day simple moving average and the six-month line (from the 2021 low recorded on January 18). Higher up is the 133.00 area, ahead of the 2021 high at 134.12 (June 1 highs).
The daytime RSI is trading near the 45 level, supporting more range runs in the near term.
In the bigger picture, as long as it remains above the 200-day SMA at 127.80, the outlook for the crossover should remain constructive.
EUR / JPY day chart
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