EUR/JPY Price Analysis: Downside alleviated above 131.00
|- EUR/JPY adds to Tuesday’s recovery and targets 130.00.
- The next hurdle of note comes in at the 131.00 area.
After bottoming out in the mid-128.00s in the first half of the week, EUR/JPY seems to have regained some composure and now retargets the psychological 130.00 the figure, up for the second day in a row.
The continuation of the recovery should track further improvement in the risk complex and could extend to the 131.00 neighbourhood, where coincides weekly highs and the 100-day SMA. The surpass of this area should mitigate the downside pressure.
In the meantime, a move to the 200-day SMA near 128.40 should also be negated if the cross manages to clear 131.00, ideally in the very short term.
EUR/JPY daily chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.