EUR/JPY Technical Analysis: Corrective downside could test the 200-day SMA and the support line

• The broad-based sell off in the single currency is now dragging EUR/JPY to trade on the defensive for the third day in a row.
• The immediate target on the downside stays at the critical 200-day SMA, today just above 131.00 the figure.
• If the selling pressure gathers further traction, the cross could re-test the 21-day SMA at 130.55.
• The constructive view remains in place as long as the short-term support line, today at 129.1, holds.

EUR/JPY daily chart

Daily high: 132.32

Daily low: 131.17

Support Levels

S1: 131.47

S2: 130.96

S3: 130.35

Resistance Levels

R1: 132.59

R2: 133.20

R3: 133.51