EUR/JPY Technical Analysis: test of the support line and following rebound leaves room for further recovery.

• The cross has managed to rebound from the 3-month support line in the 129.40 region on Wednesday and is now looking to extend the bounce and break once again the 130.00 barrier on a more sustainable fashion.
• While this support area underpins, another test of the 200-day SMA around 132.00 the figure remains well on the cards.
• In the same line, the positive outlook is reinforced by the cross still trading above the daily cloud.

EUR/JPY daily chart

Daily high: 130.29

Daily low: 129.65

Support Levels

S1: 129.62

S2: 129.08

S3: 128.74

Resistance Levels

R1: 130.49

R2: 130.83

R3: 131.37