EUR/JPY Technical Analysis: Door open for extra losses to 122.40

EUR/JPY is intensifying the weekly leg lower below the critical support at 123.00 the figure.
Immediately to the downside lies early January lows in the 122.60 region ahead of 122.39, June 2017 low.
The cross is expected to keep the negative bias as long as the multi-month resistance line at 126.12 caps the upside. Interim resistance, however, emerges at the 125.03/34 band, where converge the 21-day, 100-day and 55-day SMAs.

Pablo Piovano FXStreet

EUR/JPY daily chart

EUR/JPY

Overview
Today last price	122.9
Today Daily Change	51
Today Daily Change %	-0.26
Today daily open	123.22

Trends
Daily SMA20	125.16
Daily SMA50	125.36
Daily SMA100	125.22
Daily SMA200	127.17

Levels
Previous Daily High	123.53
Previous Daily Low	123.1
Previous Weekly High	125.24
Previous Weekly Low	124.28
Previous Monthly High	126.86
Previous Monthly Low	124.04
Daily Fibonacci 38.2%	123.27
Daily Fibonacci 61.8%	123.37
Daily Pivot Point S1	123.04
Daily Pivot Point S2	122.86
Daily Pivot Point S3	122.61
Daily Pivot Point R1	123.46
Daily Pivot Point R2	123.71
Daily Pivot Point R3	123.89

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.

AUD/USD climbs toward 0.7000 after strong China data dump

AUD/USD attracts follow-through buyers for the second straight day on Monday, extending last week's recovery toward 0.7000 in Monday's Asian trading. Strong Chniese Q3 GDP and activity data for September strengthen the pair's advance, following RBA Assistant Governor Chris Kent's hawkish remarks.

USD/JPY struggles near 158.00 amid hawkish BoJ, subdued USD

USD/JPY remains defensive near 158.00 in the Asian session on Monday, as the US Dollar remains depressed near a two-week low amid the recent decline in US bond yields. Furthermore, looming intervention risks underpin the Japanese Yen and weigh on the pair amid BoJ Governor Kazuo Ueda's hawkish remarks. However, Fed rate-hike bets and geopolitical uncertainties could limit USD losses and the major.

Gold rangebound as easing October Fed bets clash with firm December hike pricing

Gold attracts some buyers at the start of a new week, though it lacks bullish conviction and remains below the $4,200 mark. US Federal Reserve Chair Kevin Warsh’s unwillingness to provide any cues on further policy moves led to a reduction in odds for policy tightening later this month. Moreover, the recent sharp retracement slide in US government bond yields from multi-year highs, which dragged the US Dollar to a two-week low, acts as a tailwind for the bullion.

Cardano risks 15% downside as retail demand, bullish momentum wane

Cardano (ADA) is trading above $0.2200 at press time on Monday, holding steady after a 12% decline the previous week. The altcoin is losing retail interest as the notional value of active ADA futures positions declines. The technical outlook for ADA suggests a downside bias following the bearish breakout below a near-term support trendline last week.

What to expect in the week ahead

Investors are still digesting last week’s price action as we start a new week. US stocks sold off sharply, with the Swiss and UK indices attracting inflows as tech sold off. Sovereign bonds, particularly Treasuries, rallied and acted as a safe haven as the AI trade suffered another bout of volatility.

Everyone's dumping Gold after hot US inflation. Here's why $4,100 could be a floor, not a cliff

Gold (XAU/USD) is recovering from a sharp sell-off triggered by hotter-than-expected United States (US) inflation data released on Wednesday. The precious metal briefly plunged toward $4,073 as investors increased their bets on further Federal Reserve (Fed) interest rate hikes before recovering as US Treasury yields and the US Dollar (USD) reversed their initial gains.