EUR/JPY Technical Analysis: Retesting the support line. Potential test of 200-day SMA at 131.81

• Finally some respite for the cross after hitting fresh lows in the 129.00 neighbourhood on Friday, regaining the 130.00 handle and above following a better sentiment around the single currency at the beginning of the week.
• Another visit to the key 200-day SMA in the 131.80 region still remains on the cards, as the short-term support line held the initial test and the cross still trades above the daily cloud.
• On the downside, a breakdown of recent lows in the 129.00 region should open the door for a potential test of May’s low in the 124.60 zone.

EUR/JPY daily chart

Daily high: 129.55

Daily low: 129.20

Support Levels

S1: 129.19

S2: 128.93

S3: 128.75

Resistance Levels

R1: 129.63

R2: 129.82

R3: 130.08