EUR/JPY Technical Analysis: The cross has been rejected from the resistance line above 130.00

• The upside momentum around the cross met a tough barrier at the multi-month resistance line near 130.80, sparking a the current leg lower to sub-130.00 levels.
• A surpass of this resistance line is needed to allow a continuation of the rally to levels above 131.00 the figure, where are located early August peaks and the key 200-day SMA.
• The re-emergence of the selling bias should send spot to meet its initial support at the 129.00 neighbourhood, where coincide late July’s low, the 38/2% Fibo retracement of the May-July up move and the 55-day SMA.
• Further south, the 21-day SMA awaits at 128.11.

EUR/JPY daily chart

Daily high: 130.88

Daily low: 129.68

Support Levels

S1: 129.92

S2: 129.10

S3: 128.62

Resistance Levels

R1: 131.22

R2: 131.70

R3: 132.52