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EUR/JPY – watch for a break above daily high

FX:EURJPY   Euro Fx/Japanese Yen
Resistance – 125.53, 125.77, 126.16

Support – 124.67, 124.20, 123.25

  • Pair’s closing above trend line hurdle on Friday provides more power to the bulls, however, risk-off in equities has pushed it back to 125.06 (100-DMA) levels.
  • Still, a rebound from 125.06 could be anticipated and if followed by a break above 125.53 could yield 126.16 levels.
  • On the other hand, hourly closing below 124.96 could shift risk in favor of a drop to 124.44 (5-DMA).
  • Short-term bullish invalidation is seen only if prices see day end closing below 125.24 (trend line level).
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