EUR/JPY Price Analysis: Further downside could test the 124.40 area

EUR/JPY keeps correcting lower and breaks below 126.00.
Further north emerges the March 2019 high in the mid-127.00s.

Pablo Piovano FXStreet

EUR/JPY extends the weekly leg lower to fresh lows in the sub-126.00 region amidst the broader correction in the risk universe.

The current downside should be deemed as corrective only and carries the potential to re-visit the 124.40 zone (low August 21) ahead of the potential resumption of the bullish trend.

The constructive view around EUR/JPY is predicted to remain unchanged while above the 200-day SMA at 120.60.

EUR/JPY daily chart

EUR/JPY

Overview
Today last price	125.81
Today Daily Change	65
Today Daily Change %	-0.06
Today daily open	125.88

Trends
Daily SMA20	125.59
Daily SMA50	123.7
Daily SMA100	121.06
Daily SMA200	120.62

Levels
Previous Daily High	126.32
Previous Daily Low	125.56
Previous Weekly High	126.78
Previous Weekly Low	124.69
Previous Monthly High	126.85
Previous Monthly Low	123.99
Daily Fibonacci 38.2%	125.85
Daily Fibonacci 61.8%	126.02
Daily Pivot Point S1	125.52
Daily Pivot Point S2	125.16
Daily Pivot Point S3	124.76
Daily Pivot Point R1	126.28
Daily Pivot Point R2	126.68
Daily Pivot Point R3	127.04

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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