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29 Oct 2020
EUR/JPY Price Analysis: Rising bets for a move to the 200-day SMA
- EUR/JPY tumbles further and breaks below the 122.00 support.
- Further south comes in the 200-day SMA around 121.10.
The selling momentum in EUR/JPY picks extra pace on Thursday and forces the cross to break below the key support at 122.00 the figure and print at the same time new 3-month lows.
Extra losses thus remain well on the cards and the door is now wide open to a deeper retracement to, initially, the 200-day SMA in the 121.10/15 band, challenging at the same time the positive outlook on the cross.
Looking at the broader scenario, while above the 200-day SMA at1 121.13, the outlook on EUR/JPY is expected to remain constructive.
EUR/JPY daily chart
