EUR/JPY Price Analysis: A drop to 128.80 gathers traction

Market news

20 January 2022

EUR/JPY Price Analysis: A drop to 128.80 gathers traction

EUR/JPY retreats further and retests the mid-129.00s on Thursday.
The continuation of the downside targets the 128.80 region.

EUR/JPY is down for the third consecutive session and extends the bearish move to the 129.50 zone on Thursday.

Price action in the cross now seems to favour extra decline in the short-term horizon, particularly after EUR/JPY remains unable to retest/surpass the YTD peaks in the 131.50/60 region (January 5). Against that, extra losses could retest the Fibo level (of the October-December drop) at 128.82.

While below the 200-day SMA, today at 130.53, the outlook for the cross is expected to remain negative.

EUR/JPY daily chart

Currencies. Daily history for Thursday, January 20, 2022

Commodities. Daily history for Wednesday, January 19, 2022

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