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.

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

eurjpy

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

 

 

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