EUR/JPY Price Analysis: Outlook remains largely on the negative side

EUR/JPY collapses to the 124.40 region on Monday.
The next target comes at the 122.80 zone (November 2020).

Pablo Piovano FXStreet

The leg lower in EUR/JPY gathers extra steam and revisits the 124.40 zone at the beginning of the week.

The breakdown of the 125.00 yardstick has opened the door to further retracements in the near term, with minor contention seen at 122.84 (November 19 low). If cleared, then the cross is expected to meet the next support of note at the October 2020 low at 121.61 (October 30).

While below the 200-day SMA, today at 130.16, the outlook for the cross is expected to remain negative.

EUR/JPY daily chart

EUR/JPY

Overview
Today last price	125.1
Today Daily Change	121
Today Daily Change %	-0.35
Today daily open	125.54

Trends
Daily SMA20	130.07
Daily SMA50	130.1
Daily SMA100	130.03
Daily SMA200	130.25

Levels
Previous Daily High	127.82
Previous Daily Low	125.07
Previous Weekly High	129.78
Previous Weekly Low	125.07
Previous Monthly High	133.15
Previous Monthly Low	127.92
Daily Fibonacci 38.2%	126.12
Daily Fibonacci 61.8%	126.77
Daily Pivot Point S1	124.47
Daily Pivot Point S2	123.39
Daily Pivot Point S3	121.72
Daily Pivot Point R1	127.22
Daily Pivot Point R2	128.89
Daily Pivot Point R3	129.97

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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