EUR/JPY Price Analysis: Downside has further legs to go
|- EUR/JPY accelerates losses and flirts with the 128.50 area.
- Further decline should not be ruled out for the time being.
EUR/JPY intensifies the daily pullback and re-visits the mid-128.00s for the first time since mid-December.
Price action in the cross now seems to favour an extra decline in the short-term horizon, particularly after EUR/JPY was unable to retest/surpass the YTD peaks in the 131.50/60 region (January 5). That said, the next support of relevance now emerges at the December low at 127.83 (December 3).
While below the 200-day SMA, today at 130.52, the outlook for the cross is expected to remain negative.
EUR/JPY daily 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.