EUR/JPY Technical Analysis: Breakdown of 129.00 could spark a leg lower to 126.63/124.61
|- The cross is falling further south of the key support level at 129.00 the figure, where coincide recent lows (July 27) and the top of the daily cloud.
- EUR/JPY is adding to recent weakness sparked after breaking below the former key support line around 130.00 the figure .
- Price action is indicative of further weakness to initially test June’s low at 126.63 ahead of 2018 lows at 124.61 seen in late May.
- Only a break above the (now) resistance line and recent peaks in the 131.20 area could allow for another visit to the 200-day SMA, today at 131.74.
EUR/JPY daily chart
Daily high: 129.55
Daily low: 128.67
Support Levels
S1: 128.97
S2: 128.58
S3: 127.91
Resistance Levels
R1: 130.04
R2: 130.71
R3: 131.10
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.