The downward correction could extend to test 125.60

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  • The EUR / JPY extends the decline for the second consecutive session.
  • Weekly lows in the 125.60 area emerge as the next support.

EUR / JPY is prolonging Monday’s slide and testing the 126.20 zone on Tuesday, where the 21-day SMA is located.

The renewed bearish pressure is expected to find intermediate support at the 55-day SMA at 125.77 and has the potential to drag EUR / JPY to last week’s lows near 125.60 (Jan 27) on the short horizon. term.

Looking at the bigger picture, as long as the cross continues to be above the 200-day SMA at 123.22, the outlook should remain constructive.

EUR / JPY day chart

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