EUR/JPY Price Analysis: Further decline could test the 122.90 region

EUR/JPY extends the bearish note and breaches 124.00.
Further south emerges the key contention area around 122.90.

Pablo Piovano FXStreet

EUR/JPY remains under heavy pressure and is now flirting with the 3-month support line in the 123.60 zone.

The bearish impulse is gathering extra steam and a break below this support line should expose a test of the major contention area around 122.90, where coincide the January peaks and the late-July lows.

The positive stance on EUR/JPY is forecasted to remain unaltered as long as the 200-day SMA, today at 120.83, holds the downside.

EUR/JPY daily chart

EUR/JPY

Overview
Today last price	123.56
Today Daily Change	77
Today Daily Change %	-0.35
Today daily open	124

Trends
Daily SMA20	125.47
Daily SMA50	124.57
Daily SMA100	121.94
Daily SMA200	120.86

Levels
Previous Daily High	125.02
Previous Daily Low	123.84
Previous Weekly High	126.46
Previous Weekly Low	124.43
Previous Monthly High	126.85
Previous Monthly Low	123.99
Daily Fibonacci 38.2%	124.29
Daily Fibonacci 61.8%	124.57
Daily Pivot Point S1	123.56
Daily Pivot Point S2	123.11
Daily Pivot Point S3	122.38
Daily Pivot Point R1	124.73
Daily Pivot Point R2	125.46
Daily Pivot Point R3	125.91

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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