- EUR/JPY Price Analysis: The 200-SMA holds the downside near term
Market news
2 February 2023
EUR/JPY Price Analysis: The 200-SMA holds the downside near term
- EUR/JPY remains within the consolidation theme around 141.00.
- The 200-day SMA emerges as the next level of contention so far.
EUR/JPY keeps the side-lined trading unchanged around the 141.00 region so far on Thursday.
Extra consolidation should not be ruled out in the very near term. In case the downside accelerates, the next support of note emerges at the 200-day SMA, today at 140.92. A sustainable drop below the latter exposes extra weakness to, initially, the 138.00 neighbourhood.
In case of occasional bullish attempts, the breakout of the weekly low at 142.29 (January 25) could open the door to a potential test of the key resistance area around 143.00.
The constructive outlook for EUR/JPY is seen unchanged above the 200-day SMA for the time being.
EUR/JPY daily chart
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