- The inability of EUR/JPY to regain/surpass the 131.00 handle motivated sellers to return to the markets, dragging the cross to the current 129.00 neighbouhood, where is located the 55-day SMA and a retracement of the May-July up move.
- The loss of the 129.00 area could spark a deeper retracement to, initially, the 21-day SMA at 128.09. If the downside impulse gathers traction, June’s low in the 126.60 region should be back to the radar.
- Further south, recent lows in the 125.00 region are the latest defence of a visit to YTD lows at 124.60 seen in late May.
EUR/JPY daily chart
Daily high: 129.86
Daily low: 128.90
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