- EUR/JPY resumed the downside on the back of renewed JPY-buying following the FOMC minutes and Powell’s first testimony.
- Ideally, the cross needs to surpass the 55-day SMA in the mid-122.00s to mitigate downside pressure and re-shift its focus to the 123.00 area and beyond. Further up emerges July top at 123.35.
- Further out, the negative prospect on the cross remains unchanged below the short-term resistance line, today at 122.84.
EUR/JPY daily chart
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