- EUR / JPY struggles to find a direction above the 124.00 level.
- Investor attention remains on the monthly highs just above 125.00.
The EUR / JPY bounce off last week’s lows just below 123.00 appears to have encountered stiff short-term resistance around the 124.50 region for the time being.
Exceeding this region should allow a visit to the monthly highs just above the round 125.00 level. This area also coincides with the October highs. Additional upward pressure is expected to meet the next significant resistance at the 2020 high near 127.00 reached on September 1.
On the other hand, losses are expected to accelerate if EUR / JPY breaks below last week’s lows at the 122.80 zone, exposing the 200-day SMA, today at 121.45.
EUR / JPY daily chart
EUR / JPY technical levels
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