EUR/JPY Price Analysis: Rising bets for a breach of 123.00

  • EUR/JPY extends the bearish note and trades in the mid-123.00s.
  • Further south emerges the key contention area around 122.90.

EUR/JPY remains under heavy downside pressure and it has broken below the 3-month support line in the 123.70/75 band.

The bearish impulse is gathering extra steam and a convincing breakdown of this support line should expose a test of the major contention area around 122.90, where coincide the January peaks and the late-July lows.

The next critical target on the downside emerges at the 200-day SMA at 120.84. Below this area, the outlook on the cross is expected to shift to bearish.

EUR/JPY daily chart

 

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