EUR/JPY Price Analysis: Downside pressure stays in place so far

EUR/JPY’s retracement met support in the 122.80 region so far.
Immediately to the downside appears September’s lows near 122.40.

Pablo Piovano FXStreet

EUR/JPY looks to put further distance from weekly lows near 122.80 (Thursday), although a serious bullish attempt lacks conviction for the time being.

In the meantime, odds for a move lower remain well on the cards with the next support of note at the September’s lows in the 122.40 zone. If breached, then a re-visit to the so far monthly lows in the 121.60 region should not be ruled out in the short-term horizon.

The downside pressure is expected to accelerate if EUR/JPY breaks below the latter, exposing the key 200-day SMA, today at 121.38.

EUR/JPY daily chart

EUR/JPY

Overview
Today last price	123.26
Today Daily Change	42
Today Daily Change %	-0.01
Today daily open	123.27

Trends
Daily SMA20	123.23
Daily SMA50	123.68
Daily SMA100	123.98
Daily SMA200	121.39

Levels
Previous Daily High	123.32
Previous Daily Low	122.85
Previous Weekly High	125.14
Previous Weekly Low	122.68
Previous Monthly High	125.09
Previous Monthly Low	121.62
Daily Fibonacci 38.2%	123.14
Daily Fibonacci 61.8%	123.03
Daily Pivot Point S1	122.97
Daily Pivot Point S2	122.67
Daily Pivot Point S3	122.49
Daily Pivot Point R1	123.44
Daily Pivot Point R2	123.62
Daily Pivot Point R3	123.92

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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