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EUR/JPY Price Analysis: Downside could test 2020 lows near 119.80

  • Upside in EUR/JPY lost momentum above 121.00.
  • The breakdown of the 200-day SMA favours extra decline.

EUR/JPY is extending further the recent rejection from monthly peaks just above 121.00 the figure (February 5th).

The current decline breached the critical support at the 200-day SMA in the 120.55/60 band and in doing so has opened the door for the continuation of the leg lower to, initially, the 2020 lows in the 119.80 zone.

Furthermore, the outlook on the cross is seen negative while below the 200-day SMA, today at 120.57.

EUR/JPY daily chart

 

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