Extra losses regain traction, look to 128.00

  • EUR/JPY accelerates the decline following the breach of 129.00.
  • Next on the downside comes August lows in the sub-128.00.

EUR/JPY loses the grip further and extends the drop to new multi-day lows near the 128.30 region, opening the door at the same time to a deeper pullback.

Further south from here, sellers are expected to test the sub-128.00 region, where sits August’s low. There are no relevant support levels past this area until the January peaks in the mid-127.00s ahead of the YTD low at 125.08 (January 25).

While below the 200-day SMA, today at 129.56, the outlook for the cross is expected to remain negative.

EUR/JPY daily chart

 

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