- EUR/JPY bounces to retest the big psychological number 125.00
- The current bullish run can target 2020 high confined within the upper band 125.60 and lower band 125.55
The EUR/JPY inches higher, reversing Monday’s losses in an attempt to challenge again the big round number 125.00.
As long as the pair manages to hold the ground above the key 200-day SMA at 120.13, the bullish bias remains intact. On the upside, a firm break above 125.00 will expose the 2020 high near 125.60 followed by March 2019 high around 127.00s.
If the bears manage to overcome the bulls, there is a danger for the EUR/JPY exchange rate to fall near the monthly lows around the 124.00 figure.