EUR/JPY Price Analysis: Further downside on the cards

EUR/JPY remains well under pressure around 129.00.
Next on the downside emerges the 2022 low at 127.90.

Pablo Piovano FXStreet

EUR/JPY extends the weekly bearishness and revisits the 128.70 region, where some initial contention has emerged so far.

Further losses in EUR/JPY remains well in the pipeline in light of the recent price action and following the risk aversion scenario. That said, a deeper pullback could initially visit the 2022 low at 127.91 (February 24) followed by the December 2021 low in the mid-127.00s (December 20).

Further downside in the cross is likely below the 2-month line near 128.90. On the longer term, the outlook for the cross is seen as negative while below the 200-day SMA, today at 130.34.

EUR/JPY daily chart

EUR/JPY

Overview
Today last price	129.07
Today Daily Change	86
Today Daily Change %	-0.30
Today daily open	129.46

Trends
Daily SMA20	130.63
Daily SMA50	130.19
Daily SMA100	130.21
Daily SMA200	130.4

Levels
Previous Daily High	130.05
Previous Daily Low	127.92
Previous Weekly High	131.91
Previous Weekly Low	130.04
Previous Monthly High	131.6
Previous Monthly Low	128.25
Daily Fibonacci 38.2%	128.73
Daily Fibonacci 61.8%	129.23
Daily Pivot Point S1	128.23
Daily Pivot Point S2	127.01
Daily Pivot Point S3	126.11
Daily Pivot Point R1	130.36
Daily Pivot Point R2	131.27
Daily Pivot Point R3	132.49

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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