EUR/JPY Technical Analysis: Potential for extra downside in the near term

EUR/JPY dropped and tested fresh lows in the 122.00 neighbourhood on Wednesday following renewed weakness around the European currency and a pick up in risk-off sentiment.
As long as the multi-month resistance line at 125.92 caps the upside, the outlook on the cross should remain negative and a visit to lower levels is expected to remain on the table for the time being.
Occasional bullish attempts should meet interim resistance at the 10-day SMA at 123.24 ahead of the 21-day SMA at 124.21.

Pablo Piovano FXStreet

EUR/JPY daily chart

EUR/JPY

Overview
Today last price	122.67
Today Daily Change	26
Today Daily Change %	-0.07
Today daily open	122.76

Trends
Daily SMA20	124.31
Daily SMA50	124.99
Daily SMA100	125.05
Daily SMA200	127.02

Levels
Previous Daily High	123.1
Previous Daily Low	122.07
Previous Weekly High	124.33
Previous Weekly Low	122.48
Previous Monthly High	126.86
Previous Monthly Low	124.04
Daily Fibonacci 38.2%	122.46
Daily Fibonacci 61.8%	122.7
Daily Pivot Point S1	122.19
Daily Pivot Point S2	121.62
Daily Pivot Point S3	121.16
Daily Pivot Point R1	123.21
Daily Pivot Point R2	123.67
Daily Pivot Point R3	124.24

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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