- EUR/JPY extends the leg lower to the key support near 124.40.
- Immediately to the downside now emerges the 55-day SMA near 123.80.
EUR/JPY accelerated the decline and tested the initial support region around 124.40 earlier on Wednesday.
If the selling impetus gathers further pace, then EUR/JPY could slip back to the 123.80 zone, where sits the 55-day SMA. Further south lines up the 3-month support line (off June’s low), which is considered as the last defence of a test of the key contention area near 122.90.
The constructive view around EUR/JPY is predicted to remain unchanged while above the 200-day SMA at 120.69.
EUR/JPY daily chart
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