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  • EUR/JPY’s retracement met support in the 122.80 region so far.
  • Immediately to the downside appears September’s lows near 122.40.

EUR/JPY looks to put further distance from weekly lows near 122.80 (Thursday), although a serious bullish attempt lacks conviction for the time being.

In the meantime, odds for a move lower remain well on the cards with the next support of note at the September’s lows in the 122.40 zone. If breached, then a re-visit to the so far monthly lows in the 121.60 region should not be ruled out in the short-term horizon.

The downside pressure is expected to accelerate if EUR/JPY breaks below the latter, exposing the key 200-day SMA, today at 121.38.

EUR/JPY daily chart


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