- EUR/JPY met some contention in the 200-day SMA near 119.50.
- A breach of the 200-day SMA should open the door to extra losses.
Following a brief test of new 4-week lows near 119.30, EUR/JPY has managed to regain some poise and is now back to the boundaries of 120.00 the figure.
If the 200-day SMA in the mid-119.00s is breached on a convincing mood, that should pave the way for a deeper pullback in the near-term. That said, there are interim supports at the 100-day and the 55-day SMAs at 118.72 and 118.24, respectively.
In the meantime, the buying bias is expected to return to the market above the 200-day SMA.
EUR/JPY daily chart
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