EUR/JPY Price Analysis: Immediate support aligns in the 124.40/30 band

EUR/JPY extends the downside and breaks below 125.00.
There is an interim contention zone around 124.40/30.

Pablo Piovano FXStreet

EUR/JPY accelerates the leg lower and drops to multi-day lows in the sub-125.00 area on Wednesday.

The bearish sentiment is picking up pace and faces the next support area in the 124.40/30 band, where converge September/late August lows and the 55-day SMA. A more serious pullback faces the 3-month support line in the mid-123.00 ahead of the key 122.90 zone.

The positive stance on EUR/JPY is forecasted to remain unaltered as long as the 200-day SMA, today at 120.82, holds the downside.

EUR/JPY daily chart

EUR/JPY

Overview
Today last price	124.84
Today Daily Change	49
Today Daily Change %	-0.06
Today daily open	124.92

Trends
Daily SMA20	125.55
Daily SMA50	124.52
Daily SMA100	121.86
Daily SMA200	120.84

Levels
Previous Daily High	125.77
Previous Daily Low	124.76
Previous Weekly High	126.46
Previous Weekly Low	124.43
Previous Monthly High	126.85
Previous Monthly Low	123.99
Daily Fibonacci 38.2%	125.14
Daily Fibonacci 61.8%	125.38
Daily Pivot Point S1	124.53
Daily Pivot Point S2	124.14
Daily Pivot Point S3	123.51
Daily Pivot Point R1	125.54
Daily Pivot Point R2	126.16
Daily Pivot Point R3	126.55

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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