EUR/JPY Price Analysis: Downside pressure stays in place so far
|- EUR/JPY’s retracement met support in the 122.80 region so far.
- Immediately to the downside appears September’s lows near 122.40.
EUR/JPY looks to put further distance from weekly lows near 122.80 (Thursday), although a serious bullish attempt lacks conviction for the time being.
In the meantime, odds for a move lower remain well on the cards with the next support of note at the September’s lows in the 122.40 zone. If breached, then a re-visit to the so far monthly lows in the 121.60 region should not be ruled out in the short-term horizon.
The downside pressure is expected to accelerate if EUR/JPY breaks below the latter, exposing the key 200-day SMA, today at 121.38.
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.