EUR/JPY Price Analysis: Rising odds of a bearish acceleration under 126.00

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.

Matías Salord FXStreet

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

EUR/JPY

Overview
Today last price	125.94
Today Daily Change	-0.32
Today Daily Change %	-0.25
Today daily open	126.26

Trends
Daily SMA20	126.53
Daily SMA50	125.47
Daily SMA100	124.8
Daily SMA200	122.73

Levels
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

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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