EUR/JPY Price Analysis: Interim contention emerges at the 100-day SMA

• EUR/JPY’s rebound fails ahead of the 200-week SMA near 125.20.
• The corrective downside faces the next stop at 123.33.

Following the recent move to and failure in the 125.00 neighbourhood, EUR/JPY as sparked a corrective downside to the area below the 124.00 mark, recording at the same time new multi-day lows.

If he selling impetus gathers further pace, then the cross is expected to meet the next minor support at the 123.30 zone, where sits the 100-day SMA. Further south comes in the more relevant support near 122.90.

In case this support is breached, the September low in the 122.35/40 band should emerge on the horizon.

Above the 200-day SMA, today at 121.04, the outlook on the cross is expected to remain constructive.

EUR/JPY daily chart