The EUR/JPY pair has been trading to the upside since the 6th of May 2016, with the bulls lifting the price from as low as 121.47 to as high as 124.50.
The cross initially fell on Wednesday, but found enough support to turn things back around and reach the daily high of 124.26. Today, the pair rebounded, hitting ten-day highs at 124.50 at the start of the European Session. The yen remains under pressure versus the dollar, against the backdrop of a better risk tone. As of writing, the pair trades at 124.21. Next on focus is the industrial production data from the eurozone.
In the event that the price breaks above 124.50, the pair could reach 124.79 and 125.18 respectively.
Alternatively, in the scenario where the price breaks below 123.77, the pair could find support at 123.35 and 122.98 in extension.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.