EUR/JPY Price Analysis: A move to 122.40 is now on the cards

EUR/JPY extends the downside to the vicinity of 123.00.
Risks of a deeper pullback stay well in the pipeline.

Pablo Piovano FXStreet

EUR/JPY accelerates the leg lower and drops for yet another session on Friday. The cross has so far managed well to meet support near 120.00 the figure.

If the selling impetus picks up extra pace, then the cross is expected to meet the next relevant contention area around 122.40, where sits the September’s low. Further south comes in the critical 200-day SMA just above 121.00 the figure.

Above this zone, the outlook on the cross is expected to remain constructive.

EUR/JPY daily chart

EUR/JPY

Overview
Today last price	123.33
Today Daily Change	35
Today Daily Change %	-0.10
Today daily open	123.45

Trends
Daily SMA20	123.75
Daily SMA50	124.77
Daily SMA100	123.39
Daily SMA200	121.09

Levels
Previous Daily High	123.78
Previous Daily Low	123.02
Previous Weekly High	125.09
Previous Weekly Low	123.32
Previous Monthly High	127.08
Previous Monthly Low	122.38
Daily Fibonacci 38.2%	123.31
Daily Fibonacci 61.8%	123.49
Daily Pivot Point S1	123.05
Daily Pivot Point S2	122.66
Daily Pivot Point S3	122.3
Daily Pivot Point R1	123.81
Daily Pivot Point R2	124.17
Daily Pivot Point R3	124.57

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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