EUR/JPY Approaches Multi-Year Lows
EUR/JPY
came under renewed pressure on Monday and broke below the 123 level
during the European session to hit fresh 2-week lows as the yen
outperforms major rivals.
EUR/JPY has lost more than a hundred pips throughout the day and
bottomed out at 122.37 in recent dealings. The pair is headed south and
moves toward its 3-year low scored earlier this month at 121.48.
EUR/JPY levels to consider
In terms of technical levels, immediate support levels are seen at
122.00 (May 9 low/psychologica level), 121.48 (3-year low, May 6) and
121.00 (psychological level). On the flip side, resistances could be
found at 123.63 (May 23 high), 124.03 (May 20 high) and 124.45 (50-day
SMA).
