EUR/JPY Technical Analysis: Holding on to the 129.00 area

• EUR/JPY is hovering over the 129.00 region helped by a better tone around the European currency. This area is key, as it coincides with the late-July’s low, a retracement of the May-July up move and the 10/55-day SMA.
• A sustainable break above this area should put the resistance line back on the radar, currently at 130.50, ahead of late August’s peaks near 130.90.
• If the upside bias persists, a test to the 200-day SMA at 131.29 should start to gain traction.

EUR/JPY daily chart

Daily high: 129.86

Daily low: 128.90

Support Levels

S1: 128.37

S2: 127.81

S3: 127.07

Resistance Levels

R1: 129.68

R2: 130.42

R3: 130.98