EUR/JPY upside stalls at 129.50 for the third time during the last week
A push higher in the pair would appear to need EUR/USD also pushing above the 1.1720 resistance level highlighted here. But either way, for EUR/JPY this needs to be a level that buyers need to break above in order to extend a move higher.
Otherwise, it's more of the same from what we've seen in the pair during the last week: Back to trading between 128.50 and 129.50.
Buyers managed to break above the 100-hour MA (red line) in the move higher just now, but once again the momentum is halted at the 129.50 level. For the moment, it seems that euro buyers need more of a catalyst apart from the ECB report overnight to push the single currency higher.
We're not going to get much on the data front to shake things up, so if anything look out for changes in risk sentiment. Otherwise, we could see things stall at current levels unless buyers find added incentive from somewhere to push the euro higher.
