EUR/JPY Price Analysis: Further weakness not ruled out

EUR/JPY extends the decline to the vicinity of the 154.00 region.
The loss of the latter exposes the interim 55-day SMA near 151.70.

Pablo Piovano FXStreet

EUR/JPY accelerates its losses and trades at shouting distance from the 154.00 neighbourhood, or nearly 4-week lows, on Tuesday.

The cross extends further its monthly retracement and threatens to revisit the weekly low at 154.04 (June 20). The breach of this level could open the door to a deeper drop to, initially, the provisional 55-day SMA at 151.66.

The daily RSI around 48 still allows for the continuation of the downward move in the very near term.

So far, the longer term positive outlook for the cross appears favoured while above the 200-day SMA, today at 145.69.

EUR/JPY daily chart

EUR/JPY

Overview
Today last price	154.35
Today Daily Change	149
Today Daily Change %	-0.71
Today daily open	155.46

Trends
Daily SMA20	155.9
Daily SMA50	151.86
Daily SMA100	148.26
Daily SMA200	145.68

Levels
Previous Daily High	156.67
Previous Daily Low	155.33
Previous Weekly High	157.96
Previous Weekly Low	155.38
Previous Monthly High	158
Previous Monthly Low	148.62
Daily Fibonacci 38.2%	155.84
Daily Fibonacci 61.8%	156.16
Daily Pivot Point S1	154.97
Daily Pivot Point S2	154.48
Daily Pivot Point S3	153.62
Daily Pivot Point R1	156.32
Daily Pivot Point R2	157.17
Daily Pivot Point R3	157.66

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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