- EUR/JPY drops to fresh 3-day lows near the 123.00 mark.
- The door remains open for a move to September’s low near 122.40.
EUR/JPY’s recent advance appears to have met a tough barrier at the 3-month resistance line in the 124.20/30 band.
The ongoing corrective downside carries the potential to extend further and re-visit the September lows in the 122.40 area. The continuation of this downtrend could well see the 200-day SMA just below 121.00 the figure retested.
Above this level the outlook on the cross is expected to remain constructive.
EUR/JPY daily chart