EUR/JPY Price Analysis: A drop to 124.00 stays in the pipeline
|- EUR/JPY comes under pressure and slips back below 125.00.
- The weekly lows in the 124.00 area could be the next support of note.
EUR/JPY’s rally managed to hit fresh tops near 125.60 on Thursday. The move lacked follow through, however, encouraging the ongoing correction lower to sub-125.00 levels.
In spite of the knee-jerk, extra gains remain well on the cards and underpinned by the generalized improvement in the risk complex. Against this, the next key hurdle emerges at the mid-127.00s, where sits the March 2019 high.
If sellers remain in control in the short-term, then EUR/JPY risks a drop to lows around the 124.00 mark (August 3).
EUR/JPY weekly chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.