Currently, EUR/JPY is trading at 120.83, down -0.10% on the day, having posted a daily high at 121.19 and low at 120.72.
EUR/JPY has started to recover the slide from the 123.20 area with some initial weakness sin the Yen that has since started to firm up through USD/JPY in meeting a key technical level on the charts with the 50-d sma resisting for a third time. We have seen a recent spike in the euro that is offering the most support for flows through the cross while otherwise, stocks on Wall street have been struggling today after a five-day winning streak.
EUR/JPY resistance ahead looks solid at the 20 day ma at 121.28, although analysts at Commerzbank argued that this could eventually be eroded, "The market has recently held the 38.2% retracement of the move from October at 119.70, on a closing basis and very near term we suspect is trying to base. Stronger resistance is seen circa 122.54 (cloud). But key near-term resistance is the 6-week downtrend at 123.11 and this is our near-term target."
- R3 121.89
- R2 121.60
- R1 121.28
- PP 120.99
- S1 120.67
- S2 120.38
- S3 120.06
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