EUR/JPY Price Analysis: Extra losses appear on the cards
- EUR/JPY intensifies the recent breach of the 126.00 mark.
- In this selling context, further downside remains well on the table.
EUR/JPY extends the downtrend and approaches the 125.00 mark on Monday, extending the negative streak for the seventh session.
The ongoing leg lower met initial contention in the low-125.00s on Monday, area reinforced by the the 55-day SMA (125.17) and October/November tops. A breakdown of this region should expose the 100-day SMA at 124.75 ahead of the Fibo retracement (of the October-January rally) at 124.55.
Looking at the broader picture, while above the 200-day SMA at 122.72 the outlook for the cross should remain constructive.
EUR/JPY daily chart
Reprinted from FXStreet，the copyright all reserved by the original author.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.