EUR/JPY Price Analysis: Downside pressure alleviated above 124.00
|- EUR/JPY bounces off lows and tests the mid-123.00s.
- The 100-day SMA around 124.00 emerges as the next target.
EUR/JPY rebounds from last week’s lows in the sub-123.00 area and manages to reclaim the 123.50 region on Monday.
In the meantime, while further pullbacks are not ruled out, a break above the 100-day SMA in the 124.00 neighbourhood should mitigate the selling pressure and allow for further upside to, initially, the monthly peaks just past 125.00 the figure.
Further losses are expected to accelerate if EUR/JPY breaks below last week’s lows in the 122.80 zone, exposing the key 200-day SMA, today at 121.40.
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.