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EUR/JPY Technical Analysis: The cross faces strong resistance in the 126.70/80 band

  • EUR/JPY is prolonging the sideline theme in the lower end of the recent range following last week’s sell off to the 125.60 region.
  • On the upside, the cross needs to overcome recent peaks in the 126.80 area. This region of resistance appears reinforced by the short-term resistance line, today at 126.73.
  • Above this zone, the downside pressure should be alleviated, opening the door at the same time for a potential test of 2019 highs in the mid-127.00s.

EUR/JPY daily chart

 

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