EUR/JPY Price Analysis: Rising bets for a deeper pullback
|- EUR/JPY remains under heavy pressure below the 123.00 level.
- Interim support aligns at the 100-day SMA at 122.18.
EUR/JPY extends further the downtrend and is flirting with the key contention area in the 122.90/80 band on Tuesday.
The bearish impulse remains well in place and forced the cross to record fresh 2-month lows in the mid-122.00s at the beginning of the week. If the cross breach this area on a sustainable basis, then the next support comes in around 122.20, where is located the 100-day SMA. Further south emerges the more significant contention in the 200-day SMA, today at 120.86.
Below the 200-day SMA the outlook on the cross is expected to shift to bearish.
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.