- EUR / JPY remains under pressure well below 129.00.
- Immediate support is near 128.30.
EUR / JPY falls further, although it appears to have found some support around the 128.30 region so far, on Tuesday’s turnaround.
The selling pressure accelerated after the cross broke below the 200-day SMA (128.99), as well as the 2021 key line around 129.15. In the current context, more losses appear to be ahead.
The loss of the 128.30 zone, where the March lows are also found, should pave the way for a probable move to another Fibonacci level (from the January-June rise) at the 127.00 zone.
If the break of the 200-day simple moving average occurs on a sustainable basis, the outlook for the crossover is expected to turn negative.
EUR / JPY day chart
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