EUR/JPY outlook: the pair entered a bearish trend
|The Euro declined heavily after it failed to stay above the 125.70 support area against the Japanese Yen. The EUR/JPY pair broke the 125.50 and 125.00 support level to enter a bearish trend.
The pair even traded below the 124.00 support and settled below the 50 hourly simple moving average. A low was formed at 123.83 on FXOpen UK and later the pair started an upside correction above the 124.00 level.
On the upside, there are many hurdles for buyers near the 125.00 level, the 50% Fib retracement level of the last decline from the 126.17 high to 123.83 low, and a bearish trend line on the hourly chart.
On the downside, an initial support is near the 124.30 level. If there is a downside break below 124.30, there could be additional losses below the 124.20 and 124.00 support levels in the coming sessions.
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