EUR/JPY Price Analysis: Rising bets for a deeper pullback

EUR/JPY remains under heavy pressure below the 123.00 level.
Interim support aligns at the 100-day SMA at 122.18.

Pablo Piovano FXStreet

EUR/JPY extends further the downtrend and is flirting with the key contention area in the 122.90/80 band on Tuesday.

The bearish impulse remains well in place and forced the cross to record fresh 2-month lows in the mid-122.00s at the beginning of the week. If the cross breach this area on a sustainable basis, then the next support comes in around 122.20, where is located the 100-day SMA. Further south emerges the more significant contention in the 200-day SMA, today at 120.86.

Below the 200-day SMA the outlook on the cross is expected to shift to bearish.

EUR/JPY daily chart

EUR/JPY

Overview
Today last price	122.79
Today Daily Change	62
Today Daily Change %	-0.32
Today daily open	123.18

Trends
Daily SMA20	125.26
Daily SMA50	124.72
Daily SMA100	122.14
Daily SMA200	120.88

Levels
Previous Daily High	123.94
Previous Daily Low	122.52
Previous Weekly High	125.9
Previous Weekly Low	123.32
Previous Monthly High	126.85
Previous Monthly Low	123.99
Daily Fibonacci 38.2%	123.06
Daily Fibonacci 61.8%	123.4
Daily Pivot Point S1	122.49
Daily Pivot Point S2	121.79
Daily Pivot Point S3	121.07
Daily Pivot Point R1	123.91
Daily Pivot Point R2	124.64
Daily Pivot Point R3	125.33

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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