EUR/JPY Price Analysis: Initial support lies at 124.44
|- EUR/JPY briefly tested the area above the 126.00 mark on Wednesday.
- Occasional pullbacks should meet support near 124.40 (weekly lows).
Following last week’s 2020 tops near 126.80, EUR/JPY has embarked in a corrective downside which met quite decent contention in the 124.50/45 band (August 21).
The subsequent rebound managed to advance past 126.00 the figure earlier on Wednesday, although the move lacked follow through and sparked a knee-jerk that carries the potential to extend, initially, to recent lows near 124.40.
The constructive view around EUR/JPY is predicted to remain unchanged while above the 200-day SMA at 120.42.
EUR/JPY daily chart
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