EUR/JPY Technical Analysis: A test of the 200-day SMA stays on the cards as long as 127.86 holds

• The cross is trading on a weak note today following two sessions in a row posting gains, with the recent up move running out of legs in the vicinity of the psychological 130.00 the figure.
• As long as the monthly low at 127.86 (September 10) underpins, EUR/JPY could still re-test the key 200-day SMA, today at 131.15. Once surpassed on a convincing note, July’s peaks just above the 132.00 mark should be back on the radar.
• Looking south, interim support lies at the 21-day SMA at 128.55. This area is reinforced by the 50% Fibo retracement of the July-August decline at 128.45.

EUR/JPY daily chart

Daily high: 129.58

Daily low: 128.93

Support Levels

S1: 128.93

S2: 128.31

S3: 127.86

Resistance Levels

R1: 130.00

R2: 130.45

R3: 131.07