EUR JPY jumps above the handle
12/5/2016 3:21:46 PM
Having jumped nearer to the very significant 200-day SMA, the EUR/JPY cross managed to recover over 100-pips from session lows and is now developing to its recovery move back above 120.10 psychological mark.
Currently trading around 120.45 area, the cross has succeeded to recovery from a weekly bearish gap opening and following drop to session low level near 118.75 area headed by the outcome of Italian referendum.
Immediate upside persistence is fixed near 121.55 area above which the cross appears dart back towards recent multi-month daily closing highs persistence near 123.75 area. On the downside, renewed decline back below 120.10 mark now appears to find support near 119.60 region below which the cross is likely to head back towards testing sub-119.05 handle.
Written by FxErvin