EUR/JPY Price Analysis: Corrective downside could see 137.80 retested

EUR/JPY drops further and breaches 141.00 to multi-session lows.
Next on the downside comes the June low at 137.86 (June 15).

Pablo Piovano FXStreet

EUR/JPY comes under further selling pressure and prints new 2-week lows in the sub-141.00 region on Friday.

Despite the ongoing correction, the bullish bias in the cross remains well in place as long as the support line around 138.70 holds the downside. This area of contention is currently reinforced by the 55-day SMA.

The current bearish move, however, carries the potential to revisit the June low at 137.86 recorded on June 15, where it is expected to hold the downside.

EUR/JPY daily chart

EUR/JPY

Overview
Today last price	140.97
Today Daily Change	162
Today Daily Change %	-0.86
Today daily open	142.2

Trends
Daily SMA20	141.97
Daily SMA50	138.73
Daily SMA100	135.53
Daily SMA200	132.82

Levels
Previous Daily High	142.86
Previous Daily Low	141.38
Previous Weekly High	144.24
Previous Weekly Low	141.39
Previous Monthly High	144.28
Previous Monthly Low	137.93
Daily Fibonacci 38.2%	141.94
Daily Fibonacci 61.8%	142.3
Daily Pivot Point S1	141.43
Daily Pivot Point S2	140.66
Daily Pivot Point S3	139.94
Daily Pivot Point R1	142.91
Daily Pivot Point R2	143.63
Daily Pivot Point R3	144.4

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.

EUR/USD faces next resistance near 1.1930

EUR/USD continues to build on its recovery in the latter part of Wednesday’s session, with upside momentum accelerating as the pair retargets the key 1.1900 barrier amid a further loss of traction in the US Dollar. Attention now shifts squarely to the US data docket, with labour market figures and the always influential CPI releases due on Thursday and Friday, respectively.

GBP/USD sticks to the bullish tone near 1.3660

GBP/USD maintains its solid performance on Wednesday, hovering around the 1.3660 zone as the Greenback surrenders its post-NFP bounce. Cable, in the meantime, should now shift its attention to key UK data due on Thursday, including preliminary GDP gauges.

Gold holds on to higher ground ahead of the next catalyst

Gold keeps the bid tone well in place on Wednesday, retargeting the $5,100 zone per troy ounce on the back of modest losses in the US Dollar and despite firm US Treasury yields across the curve. Moving forward, the yellow metal’s next test will come from the release of US CPI figures on Friday.