Door open for a move to 127.00 and above

  • EUR/JPY moves to fresh 2020 highs in the area just below 127.00.
  • Further north emerges the March 2019 high in the mid-127.00s.

EUR/JPY is adding to Monday’s gains and trades closer to the key barrier at 127.00 the figure on Tuesday, all against the backdrop of the generalized selling sentiment around the dollar.

While the cross navigates levels last seen in March 2019, a surpass of the 127.00 neighbourhood should pave the way for a move to the highest level recorded in that month at 127.50.

The constructive view around EUR/JPY is predicted to remain unchanged while above the 200-day SMA at 120.55.

EUR/JPY weekly chart

 

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