EUR/JPY Technical Analysis: Attempting some consolidation below key 129.00 handle

• Following the recent break below the critical support around the 129.00 handle, EUR/JPY is now attempting some consolidation in the 128.70 area.
• The recently cleared area around 129.00 (low July 27) has now become an interim target in case the bullish sentiment re-emerges. The 55-day SMA at 129.14 also reinforces this zone.
• Deeper pullbacks should open the door to a potential visit to June’s low in the 126.60 region. If cleared on a sustainable fashion, YTD low at 124.61 (late May) should come to the fore.

EUR/JPY daily chart

Daily high: 129.47

Daily low: 128.55

Support Levels

S1: 128.76

S2: 128.34

S3: 128.09

Resistance Levels

R1: 129.43

R2: 129.68

R3: 130.10