EUR/JPY Price Analysis: Door open for a move to 119.00 (and below)

EUR/JPY saw its downside intensified on Friday and broke below 120.00.
Further downside could see the YTD low in the mid-118.00s re-visited.

Pablo Piovano FXStreet

EUR/JPY is suffering the increased JPY-buying amidst persistent demand for the safe haven universe, always in response to the panic surrounding the COVID-19.

Following the breach of the key 200-day SMA, the cross has shifted the focus to the likelihood of further retracements.

Against this backdrop, a move to the area of 2020 lows near 118.50 should not be ruled out in the short-term horizon.

EUR/JPY daily chart

EUR/JPY

Overview
Today last price	119.65
Today Daily Change	109
Today Daily Change %	-0.90
Today daily open	120.74

Trends
Daily SMA20	120.06
Daily SMA50	120.91
Daily SMA100	120.76
Daily SMA200	120.33

Levels
Previous Daily High	121.04
Previous Daily Low	119.95
Previous Weekly High	121.4
Previous Weekly Low	118.46
Previous Monthly High	122.88
Previous Monthly Low	119.78
Daily Fibonacci 38.2%	120.62
Daily Fibonacci 61.8%	120.37
Daily Pivot Point S1	120.12
Daily Pivot Point S2	119.49
Daily Pivot Point S3	119.03
Daily Pivot Point R1	121.2
Daily Pivot Point R2	121.66
Daily Pivot Point R3	122.29

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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