EUR/JPY Technical Analysis: The resistance line at 122.16 emerges as the next target
|- The cross is showing some recovery after finding support in the 10-day SMA near 121.70.
- Friday’s bullish ‘outside day’ sparked a correction higher to the 122.50 region, losing some momentum afterwards on renewed EUR-weakness.
- Ideally, EUR/JPY needs to clear the short-term resistance line at 122.16 in order to alleviate the current downside pressure and attempt a test of the 123.00 handle and beyond.
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.