EUR/JPY Price Analysis: Scope for a breach of 123.00

EUR/JPY extends the downside to the 123.30 region on Thursday.
Risks of a move to the 122.90 region remain on the rise.

EUR/JPY accelerates the leg lower and drops for the fourth session in a row to the area of the 100-day SMA in the 123.40/30 band on Thursday.

If the selling impetus gathers further pace, then the cross is expected to meet the next relevant contention area around 122.40, where sits the September’s low. Further south comes in the critical 200-day SMA just above 121.00 the figure.

Above the latter, the outlook on the cross is expected to remain constructive.

EUR/JPY daily chart

Oct 15, 2020

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