Black Pipper

Forex Dreamers

EUR/JPY: Immediate target is the 121.50

The EUR/JPY has overcome the 21-day SMA of 120.30 and is continuing to build on its upward movement. If the selling pressure continues to increase, we can expect a test of the next relevant resistance in the form of the October high in the middle of the 121.00, before the critical 200-day SMA, which today stands at 121.63, comes into play. Should the selling pressure return, the 119.63 / 24 will provide support as it has the 55- / 100-day SMAs and the monthly low.

Technical Levels

S1 120.17
S2 119.83
S3 119.61

R1 120.73
R2 120.95
R3 121.29

 

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