EUR/JPY Price Analysis: Rising bets for further decline

EUR/JPY adds to the weekly leg lower in the mid-126.00s.
Next on the downside appears the 126.00 neighbourhood.

Pablo Piovano FXStreet

EUR/JPY extends the downtrend below the 127.00 level for the fourth consecutive session on Wednesday.

The continuation of the selling note should expose a potential test of the 126.00 neighbourhood in the near-term, ahead of the 12570 zone, or the lower bound of the recent multi-week consolidative theme.

Looking at the broader picture, while above the 200-day SMA at 122.61 the outlook for the cross should remain constructive.

EUR/JPY daily chart

EUR/USD

Overview
Today last price	1.2163
Today Daily Change	28
Today Daily Change %	-0.35
Today daily open	1.2206

Trends
Daily SMA20	1.2228
Daily SMA50	1.2062
Daily SMA100	1.1921
Daily SMA200	1.1592

Levels
Previous Daily High	1.2208
Previous Daily Low	1.2137
Previous Weekly High	1.235
Previous Weekly Low	1.2193
Previous Monthly High	1.231
Previous Monthly Low	1.1924
Daily Fibonacci 38.2%	1.2181
Daily Fibonacci 61.8%	1.2164
Daily Pivot Point S1	1.2159
Daily Pivot Point S2	1.2113
Daily Pivot Point S3	1.2088
Daily Pivot Point R1	1.223
Daily Pivot Point R2	1.2255
Daily Pivot Point R3	1.2301

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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