EUR/JPY Technical Analysis: Approaching key resistance line. Targets 200-day SMA at 131.34

• EUR/JPY continues its march north unabated so far this week, trading closer to the key resistance line off 2018 peaks seen in early February in the mid-137.00s.
• The cross has broken above the psychological 130.00 the figure today, hovering over the 23.6% Fibo retracement of the May-July up move near 130.30, coincident with June’s tops.
• Further upside is thus expected to re-visit the 200-day SMA at 131.34, considered the last defence of July’s peaks just above the 132.00 handle.

EUR/JPY daily chart

Daily high: 130.29

Daily low: 129.63

Support Levels

S1: 129.06

S2: 128.40

S3: 128.00

Resistance Levels

R1: 130.12

R2: 130.52

R3: 131.18