EUR/JPY Price Analysis: Further downside now appears likely

EUR/JPY extends the leg lower to new 2022 lows near 129.40.
Next on the downside comes the Fibo level at 128.82.

Pablo Piovano FXStreet

EUR/JPY is struggling for direction around 129.80 after the earlier bullish attempt ran out of steam near the 130.00 barrier on Wednesday.

Price action in the cross now seems to favour extra decline in the short-term horizon, particularly after EUR/JPY remains unable to retest/surpass the YTD peaks in the 131.50/60 region (January 5). Against that, extra losses could retest the Fibo level (of the October-December drop) at 128.82.

While below the 200-day SMA, today at 130.53, the outlook for the cross is expected to remain negative.

EUR/JPY daily chart

EUR/JPY

Overview
Today last price	129.83
Today Daily Change	60
Today Daily Change %	0.08
Today daily open	129.72

Trends
Daily SMA20	130.46
Daily SMA50	129.46
Daily SMA100	130.03
Daily SMA200	130.58

Levels
Previous Daily High	131.18
Previous Daily Low	129.7
Previous Weekly High	131.48
Previous Weekly Low	129.78
Previous Monthly High	131.04
Previous Monthly Low	127.38
Daily Fibonacci 38.2%	130.26
Daily Fibonacci 61.8%	130.61
Daily Pivot Point S1	129.22
Daily Pivot Point S2	128.72
Daily Pivot Point S3	127.74
Daily Pivot Point R1	130.7
Daily Pivot Point R2	131.68
Daily Pivot Point R3	132.18

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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