EUR/JPY Price Analysis: Decent support emerged near 122.90
- EUR/JPY stays on the defensive but managed to regain 123.00.
- The key support area around 122.90 holds the downside so far.
EUR/JPY keeps correcting lower on the back of renewed JPY-buying and despite the firm performance of the European currency. Friday’s pullback met support in the 122.90 region, where sits the January peak.
Extra upside momentum remains well on the cards in spite of the ongoing corrective downside and is expected to target the 2020 peaks beyond the 124.00 mark in the short-term horizon. If the buying impetus picks up pace, then the focus should shift to the May 2019 high at 125.23 (May 1).
As long as the 200-day SMA at 119.93 holds the downside, the outlook on the cross is seen as positive.
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.