EUR/JPY Technical Analysis: Breakdown of 129.00 could spark a leg lower to 126.63/124.61

The cross is falling further south of the key support level at 129.00 the figure, where coincide recent lows (July 27) and the top of the daily cloud.
EUR/JPY is adding to recent weakness sparked after breaking below the former key support line around 130.00 the figure .
Price action is indicative of further weakness to initially test June’s low at 126.63 ahead of 2018 lows at 124.61 seen in late May.
Only a break above the (now) resistance line and recent peaks in the 131.20 area could allow for another visit to the 200-day SMA, today at 131.74.

Pablo Piovano FXStreet

EUR/JPY daily chart

Daily high: 129.55

Daily low: 128.67

Support Levels

S1: 128.97

S2: 128.58

S3: 127.91

Resistance Levels

R1: 130.04

R2: 130.71

R3: 131.10

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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