EUR/JPY Technical Analysis: Interim support emerged around 125.00

• Finally some respite for the decline in EUR/JPY. The cross is moving higher to the vicinity of 126.00 the figure backed on the generalized better tone around the single currency.
• EUR/JPY met contention in the 125.00 neighbourhood on Wednesday, where some dip-buyers turned up. The rebound has also been bolstered by the oversold condition of the cross.
• The resumption of the downtrend should put YTD lows in the 124.60 back on the radar. A breakdown of this level should pave the way for a test of 124.13, December 2016 low.
• Extra gains should meet interim hurdle at the 10-day SMA and 21-day SMA at 127.43 and 128.83, respectively. The cross, however, needs to retake the 129.00 area and above to allow a potential test of the key 200-day SMA at 131.51.

EUR/JPY daily chart

Daily high: 126.39

Daily low: 125.28

Support Levels

S1: 124.92

S2: 124.16

S3: 123.43

Resistance Levels

R1: 126.41

R2: 127.15

R3: 127.91