EUR/JPY Price Analysis: Support emerges in the 117.00 region
- EUR/JPY’s decline appears to have met decent support in the 117.00 neighbourhood so far.
- The resumption of the upside bias should target the 118.50 region in the short-term horizon.
The downside momentum in EUR/JPY lost momentum in the 117.00 area so far, after being rejected from monthly tops in the mid-118.00s.
If sellers remain in control, the corrective move could morph into a more important drop to, initially, the April’s low at 115.44.
In case the buying interest resurface, then the 118.50 area should return to the investors’ radar.
EUR/JPY daily chart