EUR/JPY Technical Analysis: Interim support lies near 125.00

After bottoming out in sub-125.00 levels during last week, EUR/JPY has managed to stage a so far tepid rebound to the 126.00 milestone and above and is now hovering over the 126.20 region, coincident with the 78.6% Fibo retracement of the May-July up move.
The breakdown of the 129.00 area earlier in the month has accelerated the selling bias and has so far negated another potential test of the key 200-day SMA round 131.50.
Almost oversold levels in the cross (daily RSI at 33 at the time of writing) could allow for a continuation of the recovery, which should meet initial resistance at 126.96 (10-day SMA) ahead of the 21-day SMA at 128.41, If cleared, the 129.00 area should return to the traders’ radar.

Pablo Piovano FXStreet

EUR/JPY daily chart

Daily high: 126.38

Daily low: 126.29

Support Levels

S1: 125.77

S2: 125.14

S3: 124.71

Resistance Levels

R1: 126.83

R2: 127.26

R3: 127.89

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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