EUR/JPY Technical Analysis: Resistance line at 130.50 holds the upside near term

• The rally in EUR/JPY seems to have taken a breather today, prompting the cross to linger just above the psychological 130.00 handle amidst some renewed downside pressure hitting the European currency.
• The cross needs to leave behind the mid-130.00s - where converge the resistance line and June’s peaks - on a sustainable fashion in order to attempt a re-visit of late July’s tops beyond 131.00 the figure and the 200-day SMA, today at 131.33
• Further north aligns July’s top just above the 132.00 handle.

EUR/JPY daily chart

Daily high: 130.23

Daily low: 129.57

Support Levels

S1: 129.70

S2: 129.34

S3: 129.04

Resistance Levels

R1: 130.36

R2: 130.66

R3: 131.02