- EUR / JPY falls to test support at 123.15
- The pair has lost more than 1% in a seven-day drop.
The euro yen has accelerated the seven-day downtrend from the November high at 125.15, after breaking the previous three-day trading low at 123.65 to hit new two-week lows at the 123.00 area.
With technical indicators pointing down on the daily chart, the common currency is pressing against the 123.15 support area (Fibonacci 50% retracement of the June-September uptrend) which together with the 123.00 psychological level could provide some support.
A daily close below 123.00 could increase negative pressure on the pair, exposing 122.25 (Nov 5-6 lows) ahead of the four-month low at 121.65 (Oct 30 low)
On the upside, the pair should return above the 100-day SMA, now at 124.00 to ease downward pressure and clear the way towards 124.50 (Nov 12-16 highs) to target a retest of the November 11 high at 125.15.
Daily chart
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