EUR/JPY Price Analysis: Corrective drop may lead to a retest of the 137.80 level

EUR/JPY continues to slide and breaks 141.00 to multi-session lows.
The next move down is the June low at 137.86 (June 15).

The EUR/JPY remains under selling pressure and hits fresh 2-week lows below 141.00 on Friday.

Despite the ongoing correction, the bullish bias of the cross holds well as the support line around 138.70 caps the downside. This containment zone is currently reinforced by the 55-day SMA.

However, the current bearish move carries the potential to revisit the June low at 137.86 recorded on June 15, where the downside is expected to hold.

EUR/JPY daily chart

Technical levels

EUR/JPY

Panorama
Last Price Today	140.73
Today’s Daily Change	-1.47
Today’s Daily Change %	-1.03
Today’s Daily Opening	142.2

Trends
20 Daily SMA	141.97
50 Daily SMA	138.73
100 Daily SMA	135.53
200 Daily SMA	132.82

levels
Previous Daily High	142.86
Previous Daily Minimum	141.38
Previous Maximum Weekly	144.24
Previous Weekly Minimum	141.39
Monthly Prior Maximum	144.28
Previous Monthly Minimum	137.93
Daily Fibonacci 38.2%	141.94
Daily Fibonacci 61.8%	142.3
Daily Pivot Point S1	141.43
Daily Pivot Point S2	140.66
Daily Pivot Point S3	139.94
Daily Pivot Point R1	142.91
Daily Pivot Point R2	143.63
Daily Pivot Point R3	144.4

Source: Fx Street

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