EUR/JPY Price Analysis: Rising bets for a breach of 123.00

EUR/JPY extends the bearish note and trades in the mid-123.00s.
Further south emerges the key contention area around 122.90.

Pablo Piovano FXStreet

EUR/JPY remains under heavy downside pressure and it has broken below the 3-month support line in the 123.70/75 band.

The bearish impulse is gathering extra steam and a convincing breakdown of this support line should expose a test of the major contention area around 122.90, where coincide the January peaks and the late-July lows.

The next critical target on the downside emerges at the 200-day SMA at 120.84. Below this area, the outlook on the cross is expected to shift to bearish.

EUR/JPY daily chart

EUR/JPY

Overview
Today last price	123.61
Today Daily Change	83
Today Daily Change %	-0.39
Today daily open	124.1

Trends
Daily SMA20	125.4
Daily SMA50	124.64
Daily SMA100	122.01
Daily SMA200	120.87

Levels
Previous Daily High	124.14
Previous Daily Low	123.32
Previous Weekly High	126.46
Previous Weekly Low	124.43
Previous Monthly High	126.85
Previous Monthly Low	123.99
Daily Fibonacci 38.2%	123.82
Daily Fibonacci 61.8%	123.63
Daily Pivot Point S1	123.57
Daily Pivot Point S2	123.03
Daily Pivot Point S3	122.74
Daily Pivot Point R1	124.39
Daily Pivot Point R2	124.67
Daily Pivot Point R3	125.21

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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