EUR/JPY buyers could defend SMA crossover

The advance in EUR/JPY prompted its 100-hr SMA to cross above the slower 200-hr SMA.

The low prices printed on hourly charts are at a converging distance to the “Golden Cross”. This price level is likely to underpin the EUR/JPY rate as buyers find support at the confluence. The risk scenario is set once a close beyond the 200 SMA is printed.