EUR/JPY Price Analysis: The resumption of the decline could test 118.00 (and below)

EUR/JPY loses the grip further and drops to new YTD lows around 118.70.
The negative view remains unchanged while below the 200-day SMA.

Pablo Piovano FXStreet

EUR/JPY faded Monday’s advance and it has resumed the downside on Tuesday, printing fresh 2020 lows in the 118.75/70 band.

If the selling bias gathers extra impetus, then the October 2019 low just above 117.00 the figure should return to the investors’ radar.

Below the key 200-day SMA, today at 120.42, the outlook on the cross is expected to remain bearish.

EUR/JPY daily chart

EUR/JPY

Overview
Today last price	118.8
Today Daily Change	36
Today Daily Change %	-0.24
Today daily open	119.09

Trends
Daily SMA20	120.25
Daily SMA50	121.12
Daily SMA100	120.56
Daily SMA200	120.44

Levels
Previous Daily High	119.2
Previous Daily Low	118.91
Previous Weekly High	120.34
Previous Weekly Low	118.87
Previous Monthly High	122.88
Previous Monthly Low	119.78
Daily Fibonacci 38.2%	119.08
Daily Fibonacci 61.8%	119.02
Daily Pivot Point S1	118.93
Daily Pivot Point S2	118.78
Daily Pivot Point S3	118.64
Daily Pivot Point R1	119.22
Daily Pivot Point R2	119.35
Daily Pivot Point R3	119.51

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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