EUR/JPY Price Analysis: Extra gains seen above 124.30
|- EUR/JPY’s upside remains capped by the 3-month resistance line.
- Further up aligns the minor hurdle at the 55-day SMA (124.63).
EUR/JPY’s recent advance appears to have met a tough barrier at the 3-month resistance line in the 124.20/30 band.
The cross managed to regain attention after bottoming out in the 122.40 area on Monday, where also converges the 100-day SMA. Buyers are expected to clear the 124.20/30 area to allow for extra gains to, initially, the 55-day SMA near 124.60 ahead of 126.46 (September 10 high).
Above the 200-day SMA, today at 120.92, the outlook on EUR/JPY is expected to remain constructive.
EUR/JPY daily chart
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