Next stop at the 2021 low at 125.08

 

  • EUR/JPY plummets well below the 127.00 mark, or new 2022 low.
  • The next target of note comes at the 2021 low near 125.00.

EUR/JPY accelerates losses to the low-126.00s following the collapse in the single currency and the persistent risk aversion.

The continuation of the downtrend in the cross is expected to meet the next support of note at the 2021 low at 125.08 (January 18). If cleared, then the focus of attention should shift to 122.84 (low November 19 2020) ahead of the October 2020 low at 121.61 (October 30).

While below the 200-day SMA, today at 130.21, the outlook for the cross is expected to remain negative.

EUR/JPY daily chart

EUR/JPY

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