Possibility of more setbacks at the door

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  • EUR / JPY loses ground for the third consecutive session.
  • Weekly lows in the 125.60 area emerge as the next support.

EUR / JPY extends the pessimism seen in the first half of the week and is already trading near key support at the 126.00 area, where it also coincides with the 21-day SMA.

The renewed downward pressure is expected to find initial and lower support at the 55-day SMA at 125.81 and has the potential to drag EUR / JPY to last week’s lows near 125.60 (27-day low. January) in the short term.

Looking at the bigger picture, as long as it remains above the 200 SMA at 123.27, the outlook for the crossover should remain constructive.

EUR / JPY day chart

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