- EUR / JPY accelerates the decline below the 123.00 level.
- Lower down is the 200-day SMA near 121.10.
Selling momentum on the EUR / JPY cross has accelerated, with the cross breaking below key support at the round level of 123.00 and simultaneously reaching new multi-day lows.
The continuation of the current move lower opens the door for a deeper retracement to initially the 200-day SMA around 121.10. This target has the potential to break with the constructive view so far on EUR / JPY.
Looking at the broader picture, as long as EUR / JPY remains above the 200 day SMA at 121.12, the outlook is expected to remain constructive.
EUR / JPY daily chart
Credits: Forex Street
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