- EUR / JPY leaves behind some of the recent weakness.
- Immediate support is near 128.30.
The EUR/JPY managed to rebound from recent lows at the 128.50 area, although it continues to trade below the critical 200-day SMA.
The selling pressure has accelerated after the cross broke below the 200-day SMA (129.10), as well as the 2021 key line around 129.15 from late last week. In the current context, more losses appear to be well underway.
The loss of the 128.30 zone, where the March lows are also located, should pave the way for a probable move to another Fibonacci level (from the January-June rally) at the 127.00 zone.
If the breakout of the 200-day SMA becomes sustainable, then the outlook for the crossover is expected to turn negative.
EUR / JPY day chart
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