EUR/JPY Price Analysis: Rising odds for a test of 118.50

EUR/JPY broke below the key 200-day SMA and the 120.00 support.
Further downside could see the YTD low in the mid-118.00s re-visited.

Pablo Piovano FXStreet

EUR/JPY is extending the downside to fresh multi-day lows in the sub-120.00 region on Tuesday.

Sellers has managed to leave behind the critical 200-day SMA near 120.40 and in doing so they have opened the door to a deeper retracement.

Against this backdrop, a move to the area of 2020 lows near 118.50 should not be ruled out in the short-term horizon.

EUR/JPY daily chart

EUR/JPY

Overview
Today last price	121.08
Today Daily Change	94
Today Daily Change %	0.76
Today daily open	120.17

Trends
Daily SMA20	120.05
Daily SMA50	121
Daily SMA100	120.69
Daily SMA200	120.37

Levels
Previous Daily High	121.07
Previous Daily Low	119.9
Previous Weekly High	121.4
Previous Weekly Low	118.46
Previous Monthly High	122.88
Previous Monthly Low	119.78
Daily Fibonacci 38.2%	120.35
Daily Fibonacci 61.8%	120.62
Daily Pivot Point S1	119.69
Daily Pivot Point S2	119.21
Daily Pivot Point S3	118.52
Daily Pivot Point R1	120.86
Daily Pivot Point R2	121.55
Daily Pivot Point R3	122.03

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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