EUR/JPY Price Analysis: The 124.40 region holds the initial test

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.

Pablo Piovano FXStreet

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

EUR/JPY

Overview
Today last price	124.8
Today Daily Change	50
Today Daily Change %	-0.05
Today daily open	124.86

Trends
Daily SMA20	125.71
Daily SMA50	124.09
Daily SMA100	121.4
Daily SMA200	120.72

Levels
Previous Daily High	125.65
Previous Daily Low	124.7
Previous Weekly High	127.08
Previous Weekly Low	125.29
Previous Monthly High	126.85
Previous Monthly Low	123.99
Daily Fibonacci 38.2%	125.06
Daily Fibonacci 61.8%	125.29
Daily Pivot Point S1	124.49
Daily Pivot Point S2	124.11
Daily Pivot Point S3	123.53
Daily Pivot Point R1	125.45
Daily Pivot Point R2	126.03
Daily Pivot Point R3	126.4

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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