EUR/JPY Technical Analysis: Renewed weakness could prompt a test of 128.10, 21-day SMA.

• The cross met extra downside pressure today following a renewed offered bias around the European currency.
• EUR/JPY has broken below the key support at 129.00 the figure, testing weekly lows in the 128.70 region and open in the door for a potential visit to the key 21-day SMA at 128.10.
• Deeper retracements should find interim support at 127.44 and 126.20 (Fibo retracements of the May-July up move) ahead of 124.88 (mid-August low), considered the last defence before YTD lows in the 124.60 area.

EUR/JPY daily chart

Daily high: 129.16

Daily low: 128.50

Support Levels

S1: 128.69

S2: 128.34

S3: 128.11

Resistance Levels

R1: 129.28

R2: 129.52

R3: 129.87

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