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EUR/JPY Price Analysis: Further downside could test the 124.40 area

EUR/JPY Price Analysis: Further downside could test the 124.40 area ;EUR/JPY Price Analysis: Further downside could test the 124.40 area

EUR/JPY Price Analysis: Further downside could test the 124.40 area
Yazar: Zack Smith

Yayınlanma: 3 Eylül 2020 14:53

Güncellenme: 6 Kasım 2024 10:40

EUR/JPY Price Analysis: Further downside could test the 124.40 area
  • EUR/JPY keeps correcting lower and breaks below 126.00.
  • Further north emerges the March 2019 high in the mid-127.00s.
EUR/JPY extends the weekly leg lower to fresh lows in the sub-126.00 region amidst the broader correction in the risk universe. The current downside should be deemed as corrective only and carries the potential to re-visit the 124.40 zones (low August 21) ahead of the potential resumption of the bullish trend. The constructive view around EUR/JPY is predicted to remain unchanged while above the 200-day SMA at 120.60. EUR/JPY Price Analysis: Further downside could test the 124.40 area

EUR/JPY daily chart

 
S3 S2 S1 R1 R2 R3
124.76 125.16 125.52 126.28 126.68 127.04
Trend Index OB/OS Index
Bearish Neutral
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