The next support is the 200-day SMA at 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

EURJPY

Credits: Forex Street

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