EUR/JPY prints a fresh 6-month low targets 128.00
- The Euro slips to a fresh 6-month low against the Yen, at 1.2793.
- Strong support lies at 128.00, if market conditions prevail, expect downward pressure towards a lower price.
The EURJ/PY drops in the session, loses 0.21% and trades at 128.26. Earlier in the session, price dipped toward a fresh 6-month low at 127.93, then retraced above 128.00. The pair remains under pressure amid risk-off market conditions weighing in the Euro and see flows toward safe-haven assets like the Japenese Yen.
EUR/JPY technical outlook
EUR/JPY broke out of its range and is trading underneath the 200-day moving average at 129.02. The price is testing March lows at 128.30/20. If sellers break that level, below here lies the 127.50 January 7 high, followed by the 127.00 and then the February 3 low at 126.14. On the other hand, buyers will need a rebound above March lows at 128.30/20, followed then by a sustained break above the 200-day moving average at 129.02, and then a challenge of August 11 high at 129.79 on its way toward 130.00.
RSI is at 32 flattish, while the Average True Range (ATR) is 62.80 pips and aiming higher.
