EUR/JPY Price Analysis: Corrective downside eyes a move to 119.70

EUR/JPY loses the grip and breaks below the 121.00 mark.
A potential move to the 200-day SMA at 119.70 is now on the cards.

Pablo Piovano FXStreet

EUR/JPY keeps fading the failed attempt to surpass the 122.00 neighbourhood, coming under increasing selling pressure on the back of the improved sentiment in the Japanese yen.

If the selling bias gathers traction, then the door should remain open for a probable move to the 200-day SMA in the 119.70 region.

As long as the 200-day SMA near 119.70 holds the downside, the outlook on the cross is seen as constructive. This contention area is also reinforced by June’s lows in the 119.30 region.

EUR//JPY daily chart

EUR/JPY

Overview
Today last price	120.63
Today Daily Change	79
Today Daily Change %	-0.29
Today daily open	120.98

Trends
Daily SMA20	120.73
Daily SMA50	119.38
Daily SMA100	118.89
Daily SMA200	119.76

Levels
Previous Daily High	121.97
Previous Daily Low	120.9
Previous Weekly High	121.48
Previous Weekly Low	120.05
Previous Monthly High	124.43
Previous Monthly Low	119.32
Daily Fibonacci 38.2%	121.31
Daily Fibonacci 61.8%	121.56
Daily Pivot Point S1	120.6
Daily Pivot Point S2	120.22
Daily Pivot Point S3	119.54
Daily Pivot Point R1	121.66
Daily Pivot Point R2	122.35
Daily Pivot Point R3	122.72

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 challenges 1.1800, two-week lows

EUR/USD remains on the defensive, extending its leg lower to the vicinity of the 1.1800 region, or two-week lows, on Tuesday. The move lower comes as the US Dollar gathers further traction ahead of key US data releases, inclusing the FOMC Minutes, on Wednesday.

GBP/USD looks weaker near 1.3500

GBP/USD adds to Monday’s pessimism and puts the 1.3500 support to the test on Tuesday. Cable’s marked pullback comes in response to extra gains in the Greenback while disappointing UK jobs data also collaborate with the offered bias around the British Pound.

Gold loses further momentum, approaches $4,800

Gold recedes to fresh two-week troughs around the $4,800 region per troy ounce on Tuesday. The precious metal builds on Monday’s downtick following a marked rebound in the US Dollar and mixed US Treasury yields across the board.

Crypto Today: Bitcoin, Ethereum, XRP upside looks limited amid deteriorating retail demand

The cryptocurrency market extends weakness with major coins including Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) trading in sideways price action at the time of writing on Tuesday.

UK jobs market weakens, bolstering rate cut hopes

In the UK, the latest jobs report made for difficult reading. Nonetheless, this represents yet another reminder for the Bank of England that they need to act swiftly given the collapse in inflation expected over the coming months.

Ripple slides to $1.45 as downside risks surge

Ripple edges lower at the time of writing on Tuesday, from the daily open of $1.48, as headwinds persist across the crypto market. A short-term support is emerging at $1.45, but a buildup of bearish positions could further weaken the derivatives market and prolong the correction.