EUR/JPY Price Analysis: Euro aiming towards 125.00 resistance area

• EUR/JPY rally extends beyond 124.00 and approaches 125.00 resistance area.
• Immediate support levels are 124.15 and the 50-day SMA at 123.60.

The euro has extended its uptrend against the Japanese yen on Wednesday, breaking above the 100-day SMA, at 124.00, reaching two-week lows at 124.50 area.  

Technical indicators on the daily chart allow for further euro rally, with the RSI still below overbought territory. On the upside, the next level of relevance is the 125.00 area, which stopped euro bulls on October 9 and 20 and November 9. Once above there, the pair might aim towards 126.10 (September 11 high) and 126.45 (September 10 high)

On the downside, immediate support lies at 124.15 (intra-day support) and below here, the 50-day SMA at 123.60 and  122.85 (November 19 low).

EUR/JPY daily chart

Technical levels to watch