FX.co ★ EUR/JPY Hot Forecast for 11 February, 2021

• EUR/JPY adds to recent gains near the 127.00 hurdle.
• The weakness around the dollar sustains the buying interest.

Following the recent hesitant price action, EUR/JPY manages well to pick up extra pace and advance once again to the key 127.00 area in the second half of the week.

At the moment, EUR/JPY is gaining 0.23% at 127.00 and faces the next up barrier at 127.45, 2021 high region followed by 130.18 (monthly high Nov.7 2018) and then 133.13 (monthly high Sep.21 2018)

All things being equal, the exchange rate could continue to edge lower during the following trading session. The possible target for sellers would be near the lower boundary of an ascending channel pattern at 126.50. On the other hand, a drop below 126.10 (monthly low Feb.4) would aim for 125.59 (low Jan.27) and finally 125.08 (2021 low Jan.18).