- EUR/JPY dropped to 125.91, hitting the lowest level in four weeks.
- Key support area under pressure: close under 125.90 would point to sharper correction.
The EUR/JPY continues to correct lower after hitting multi-year highs last week at 127.50. It is hovering around 126.00, testing a critical support area between 126.00 and 125.80.
Technical indicators at the moment favor the downside. Key daily moving averages are turning south and also momentum indicators. EUR/JPY has not yet confirmed the break. Current levels warrant some volatility ahead that includes the possibility of bullish reversals.
A close below 125.80 would target the 124.90/125.00 area and then 124.20. On the upside, a recovery back above 126.50 would keep the cross in the current range, alleviating the bearish pressure. A weekly close above 127.15 would signal a resumption of the dominant bullish trend.
EUR/JPY daily chart
|Today last price||125.94|
|Today Daily Change||-0.32|
|Today Daily Change %||-0.25|
|Today daily open||126.26|
|Previous Daily High||126.74|
|Previous Daily Low||126.22|
|Previous Weekly High||127.49|
|Previous Weekly Low||126.05|
|Previous Monthly High||127.24|
|Previous Monthly Low||124.38|
|Daily Fibonacci 38.2%||126.42|
|Daily Fibonacci 61.8%||126.54|
|Daily Pivot Point S1||126.07|
|Daily Pivot Point S2||125.88|
|Daily Pivot Point S3||125.54|
|Daily Pivot Point R1||126.6|
|Daily Pivot Point R2||126.93|
|Daily Pivot Point R3||127.12|
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