EUR/JPY Technical Analysis: Further downside could extend to 119.70

The downside momentum in EUR/JPY gathers traction.
Further south emerges the key support near 119.70.

Pablo Piovano FXStreet

EUR/JPY is extending the leg lower to the initial target at the 120.30 region, although further weakness remains in the pipeline in light of increasing trade concerns.

If the selling pressure picks up extra pace, then the next significant area of contention is located in the proximity of 119.70, where coincide the 55-day SMA and November 25^th low.

Further south emerges the 119.30 area, coincident with the November low and the 100-day SMA.

EUR/JPY

Overview
Today last price	120.22
Today Daily Change	44
Today Daily Change %	-0.13
Today daily open	120.38

Trends
Daily SMA20	120.26
Daily SMA50	119.8
Daily SMA100	119.33
Daily SMA200	121.57

Levels
Previous Daily High	120.97
Previous Daily Low	120.24
Previous Weekly High	120.77
Previous Weekly Low	119.68
Previous Monthly High	121.31
Previous Monthly Low	119.24
Daily Fibonacci 38.2%	120.52
Daily Fibonacci 61.8%	120.69
Daily Pivot Point S1	120.09
Daily Pivot Point S2	119.8
Daily Pivot Point S3	119.36
Daily Pivot Point R1	120.82
Daily Pivot Point R2	121.26
Daily Pivot Point R3	121.55

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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