EUR/JPY Technical Analysis: Further downside lies on a break below the 55-day SMA at 129.00
|- The inability of EUR/JPY to regain/surpass the 131.00 handle motivated sellers to return to the markets, dragging the cross to the current 129.00 neighbouhood, where is located the 55-day SMA and a retracement of the May-July up move.
- The loss of the 129.00 area could spark a deeper retracement to, initially, the 21-day SMA at 128.09. If the downside impulse gathers traction, June’s low in the 126.60 region should be back to the radar.
- Further south, recent lows in the 125.00 region are the latest defence of a visit to YTD lows at 124.60 seen in late May.
EUR/JPY daily chart
Daily high: 129.86
Daily low: 128.90
Support Levels
S1: 128.99
S2: 128.47
S3: 127.53
Resistance Levels
R1: 130.46
R2: 131.41
R3: 131.93
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