EUR/JPY Price Analysis: Solid support expected at the 200-day SMA

EUR/JPY remains under pressure and tested the mid-119.00s.
A breach of the 200-day SMA should open the door to extra losses.

Pablo Piovano FXStreet

EUR/JPY is navigating the area of 2-week lows, managing to rebound from earlier lows in the 119.70 area and return to the 120.00 neighbourhood.

Following this price action, a potential break below the 200-day SMA, today at 119.54, looks increasingly likely in the short-term horizon.

In the meantime, the selling bias is expected to return to the market below the 200-day SMA.

EUR/JPY daily chart

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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