EUR/JPY Technical Analysis: The cross regains 129.00 and above, allowing a test of the 200-day SMA

• EUR/JPY reverts yesterday’s drop and is now moving further north of the 129.00 handle, at the same time trading closer to the critical resistance line off 2018 tops at 137.53 (February 2).
• In the meantime, the cross still remains poised to test the key 200-day SMA at 131.13 as long as September’s low at 127.86 underpins. Extra gains should see July’s peak above 132.00 the figure re-tested.
• On the flip side, initial support is offered by the 21-day SMA at 128.75 followed by the 50% Fibo retracement of the July-August decline at 128.45.

EUR/JPY daily chart

Daily high: 129.83

Daily low: 129.25

Support Levels

S1: 128.92

S2: 128.48

S3: 128.02

Resistance Levels

R1: 129.82

R2: 130.28

R3: 130.72