Home EUR/JPY Price Analysis: Further downside could test the 124.40 area

EUR/JPY Price Analysis: Further downside could test the 124.40 area

Updated: 3 Sep. 2020 | 12:42

EUR/JPY keeps correcting lower and breaks below 126.00.
Further north emerges the March 2019 high in the mid-127.00s.

EUR/JPY extends the weekly leg lower to fresh lows in the sub-126.00 region amidst the broader correction in the risk universe.

The current downside should be deemed as corrective only and carries the potential to re-visit the 124.40 zone (low August 21) ahead of the potential resumption of the bullish trend.

The constructive view around EUR/JPY is predicted to remain unchanged while above the 200-day SMA at 120.60.

EUR/JPY daily chart

FX Street

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions.

View all posts by FX Street

WARNING: The content on this site should not be considered investment advice and we are not authorised to provide investment advice. Nothing on this website is an endorsement or recommendation of a particular trading strategy or investment decision. The information on this website is general in nature, so you must consider the information in light of your objectives, financial situation and needs. Investing is speculative. When investing your capital is at risk. This site is not intended for use in jurisdictions in which the trading or investments described are prohibited and should only be used by such persons and in such ways as are legally permitted. Your investment may not qualify for investor protection in your country or state of residence, so please conduct your own due diligence or obtain advice where necessary. Crypto promotions on this site do not comply with the UK Financial Promotions Regime and is not intended for UK consumers. This website is free for you to use but we may receive a commission from the companies we feature on this site.