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200-day median offers support

  • EUR / JPY finds support at the 121.60 area.
  • Lower down is the 200-day SMA around 121.15.

The bearish tone of the EUR / JPY appears to have found significant containment at the 121.60 region.

The probability of further losses remains at levels of consideration. The initial target is at the 200-day SMA at the 121.10 / 15 band, a level that is key support for the bullish outlook on the cross.

On the other hand, a move to the 100-day SMA today at 123.56 could ease the downside pressure and allow another visit to the October high in the neighborhood of 125.00.

EUR / JPY day chart

Eurjpy

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Credits: Forex Street

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