EUR/JPY hits one-month low as France considers national lockdown

Omkar Godbole FXStreet Contributor

EUR/JPY drops to the lowest level since Sept. 28.
France and other Eurozone nations face lockdown on rising coronavirus cases.
ECB is under pressure to deliver additional stimulus.

EUR/JPY fell to a one-month low of 122.99 a couple of hours ago, having declined by over 0.5% on Tuesday.

Lockdown fears weigh

Many Eurozone countries are imposing economically-painful national curfews and lockdown restrictions to combat the second wave of the coronavirus.

Notably, France is reportedly considering a month-long national lockdown, which could take effect from midnight on Thursday.

Indeed, the latest measures announced by some of the Eurozone nations are less severe than the ones implemented in the second quarter. Nevertheless, they are likely to torpedo the already fragile economic recovery in the common currency block, ramping up pressure on the European Central Bank to provide additional economic stimulus.

Hence, the market is offering euros and snapping up anti-risk currencies like the Japanese yen and the US dollar. At press time, the pair is trading near 123.07.

Technical levels

EUR/JPY

Overview
Today last price	123.07
Today Daily Change	-0.09
Today Daily Change %	-0.07
Today daily open	123.16

Trends
Daily SMA20	124.03
Daily SMA50	124.51
Daily SMA100	123.55
Daily SMA200	121.15

Levels
Previous Daily High	124
Previous Daily Low	123.15
Previous Weekly High	125
Previous Weekly Low	123.33
Previous Monthly High	127.08
Previous Monthly Low	122.38
Daily Fibonacci 38.2%	123.47
Daily Fibonacci 61.8%	123.67
Daily Pivot Point S1	122.88
Daily Pivot Point S2	122.59
Daily Pivot Point S3	122.03
Daily Pivot Point R1	123.72
Daily Pivot Point R2	124.28
Daily Pivot Point R3	124.57

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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