EUR/JPY Price Analysis: The 200-day SMA offers interim contention

EUR/JPY meets support in the 121.60 area so far.
Further south comes in the 200-day SMA around 121.15.

The selling momentum in EUR/JPY appears to have met some decent contention in the 121.60 region (Friday).

The likeliness of extra losses does remain on the cards, with the initial target at the 200-day SMA in the 121.10/15 band, challenging at the same time the positive outlook on the cross.

On the other hand, a move the 100-day SMA, today ay 123.56, could alleviate the downside pressure and allow for another visit to the October’s high in the 125.00 neighbourhood.

EUR/JPY daily chart

Nov 2, 2020

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