EUR/JPY Technical Analysis: Eroding the key short-term support line and the 200-day SMA

• EUR/JPY came under further selling pressure following the sharp pullback in the European currency and is testing the critical 200-day SMA and the short-term support line around the 131.00 neighbourhood.
• A break below this area should allow the decline to test the 55-day SMA and the 100-day SMA at 129.62 and 129.37, respectively.
• In case the selling impetus intensifies its pace, September’s low at 127.86 would come to the fore.

EUR/JPY daily chart

Daily high: 131.59

Daily low: 131.00

Support Levels

S1: 130.95

S2: 130.44

S3: 129.91

Resistance Levels

R1: 131.99

R2: 132.52

R3: 133.03