Home EUR/JPY Price Analysis: Interim contention emerges at the 100-day SMA
FXStreet News

EUR/JPY Price Analysis: Interim contention emerges at the 100-day SMA

  • EUR/JPY’s rebound fails ahead of the 200-week SMA near 125.20.
  • The corrective downside faces the next stop at 123.33.

Following the recent move to and failure in the 125.00 neighbourhood, EUR/JPY as sparked a corrective downside to the area below the 124.00 mark, recording at the same time new multi-day lows.

If he selling impetus gathers further pace, then the cross is expected to meet the next minor support at the 123.30 zone, where sits the 100-day SMA. Further south comes in the more relevant support near 122.90.

In case this support is breached, the September low in the 122.35/40 band should emerge on the horizon.

Above the 200-day SMA, today at 121.04, the outlook on the cross is expected to remain constructive.

EUR/JPY daily chart

 

FX Street

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.