EUR/JPY Price Analysis: Next hurdle emerges at 117.00
|- EUR/JPY extends the bounce off 2020 lows and reclaims 116.00.
- Immediately to the upside lines up the short-term resistance line at 117.00.
Despite the ongoing recovery from fresh yearly lows in the 114.50 region, the selling bias in EUR/JPY still remains in place as well as the probability of the resumption of the downtrend.
The ongoing recovery is expected to meet the next hurdle at the short-term resistance line around 117.00 ahead of may lows in the 117.80 region.
Above the latter, the selling pressure in the cross is forecasted to mitigate somewhat.
EUR/JPY daily chart
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