- EUR/JPY manages to bounce off recent lows in the mid-129.00s.
- The loss of the 129.50 area should expose a move to 128.30.
The leg lower in EUR/JPY seems to have met some decent contention in the 129.50/60 band so far. In this area coincides recent lows and a Fibo level (of the January-June rally).
The loss of this area should expose further downside. That said, there is a minor support at 128.54 (Fibo level) ahead of the critical 200-day SMA, today at 128.30.
Above the latter, the broader outlook for the cross is seen as constructive for the time being.
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