EUR/JPY Technical Analysis: Still targets the 55-day SMA at 128.96 near term

• EUR/JPY is prolonging the weekly recovery on the back of the continuation of the selling bias surrounding the Japanese safe haven currency.
• Further upside should now meet the key 55-day SMA at levels just below 129.00 the figure. This area of resistance is reinforced by the low-129.00s, late July lows and early August peaks.
• If cleared, the area above the 131.00 handle should be back on the radar ahead of the critical 200-day SMA at 131.37 and July tops beyond 132.00 the figure.

EUR/JPY daily chart

Daily high: 128.46

Daily low: 127.91

Support Levels

S1: 127.60

S2: 127.00

S3: 126.66

Resistance Levels

R1: 128.55

R2: 128.90

R3: 129.50