- EUR / JPY picks up the downside and tests 128.30.
- The next bearish target now comes the 127.00 zone.
The EUR/JPY it resumed its lows and reached multi-month lows at the 128.30 area on Thursday.
Selling pressure accelerated after the cross broke below the 200-day SMA (129.03), as well as the 2021 key line around 129.15 late last week. In the current context, more losses appear with good possibilities.
The loss of the 128.30 region, where the March lows are also found, should pave the way for a likely move to another Fibonacci level (from the January-June rally) at the 127.00 area.
If it affirms below the 200-day SMA, then the outlook for the crossover is expected to turn negative.
EUR / JPY day chart
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