EUR/JPY Price Analysis: Further decline could test 121.00 and below

EUR/JPY keeps correcting lower from the 123.00 area.
Further south emerges the 200-day SMA at 120.89.

Pablo Piovano FXStreet

The downside momentum in EUR/JPY has accelerated in past hours on the back of the offered bias in the euro and investors’ preference for safe havens, which in turn rendered in extra strength in the Japanese yen.

The rejection from last week’s YTD highs in the boundaries of the 123.00 mark remains well and sound so far. The continuation of the leg lower is also favoured by the divergence in the daily RSI and should meet initial support at the 21-day SMA, today at 121.74.

If the selling impetus picks up extra pace, then the 121.03/120.89 band should come into focus, where coincide the 55-day and 200-day SMAs.

EUR/JPY daily chart

EUR/JPY

Overview
Today last price	121.95
Today Daily Change	38
Today Daily Change %	-0.25
Today daily open	122.26

Trends
Daily SMA20	121.79
Daily SMA50	121.11
Daily SMA100	120.19
Daily SMA200	120.88

Levels
Previous Daily High	122.32
Previous Daily Low	122.04
Previous Weekly High	122.88
Previous Weekly Low	121.76
Previous Monthly High	124.2
Previous Monthly Low	119.98
Daily Fibonacci 38.2%	122.21
Daily Fibonacci 61.8%	122.14
Daily Pivot Point S1	122.09
Daily Pivot Point S2	121.92
Daily Pivot Point S3	121.81
Daily Pivot Point R1	122.37
Daily Pivot Point R2	122.49
Daily Pivot Point R3	122.65

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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