- 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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