EUR/JPY Price Analysis: Extra Gains Remain On The Table

EUR/JPY corrects lower after clinching new yearly tops in the vicinity of 130.70 on Wednesday.

The recovery remains healthy and a surpass of YTD peaks should put the 131.00 level back on the radar. While above the short-term support line in the 128.30 region, extra gains remain likely. This area of contention is reinforced by the proximity of the 50-day SMA at 128.61.

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Further north of 131.00 comes in the 2018 high at 131.98 (July 17).

In the meantime, while above the 200-day SMA at 125.55 the broader outlook for the cross should remain constructive.

EUR/JPY daily chart

EUR/JPY

 

Disclosure: Information on this article contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes ...

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