Last Monday I discussed the situation on EURJPY when political turmoil in Europe led to a dynamic depreciation of the single currency. As can be seen on the daily chart below, the losses led to the first target of key support at 125.80. There has been a rebound which pushes the price back to the area at 129.00. A positive test of previous support at 129.00, which is now a resistance can offer a selling opportunity. An additional factor of confluence is provided by the 20-day SMA, which is currently in the resistance zone. The bearish attitude will be in effect until the quotation falls under the downward trend line running from this year’s highs.

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