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- EUR/JPY Price Analysis: Initial resistance turned up at 131.50
EUR/JPY Price Analysis: Initial resistance turned up at 131.50
- EUR/JPY’s rally met a solid hurdle in the mid-131.00s.
- The short-term outlook points to the continuation of the uptrend.
EUR/JPY came under pressure following Tuesday’s new 2-month peaks around 131.50.
The recent breakout of the critical 200-day SMA should prop up extra gains in the cross in the short-term horizon. That said, the next resistance emerges at the so far YTD high at 131.49 (January 4) before a Fibo level at 132.17.
While above the 200-day SMA, today at 130.51, the outlook for EUR/JPY should point to extra gains.
EUR/JPY daily chart
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