- EUR/JPY extends Friday’s losses to refresh multi-day low under 123.00.
- Bearish MACD keeps the sellers hopeful, bulls need to cross Wednesday’s high for fresh entries.
EUR/JPY sellers attack 122.50, down 0.24% intraday, while heading into Monday’s European session. In doing so, the Euro cross tests 100-day SMA amid bearish MACD.
As a result, further weakness of EUR/JPY depends upon a daily close below the 100-day SMA level of 122.50, a break of which will aim for the early-July high near 122.00.
It should, however, be noted that the quote’s downside past-122.00 will be challenged 200-day SMA and 50% Fibonacci retracement of May-September upside, respectively around 120.90 and 120.75.
Meanwhile, the September 23 high of 123.20 offers immediate resistance to EUR/JPY traders.
Though, any further upside beyond 123.20 will be probed by the 124.40/45 region comprising multiple highs and lows marked since June.
EUR/JPY daily chart
Trend: Bearish
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