EUR/JPY Price Analysis: The 100-day SMA near 123.50 offers support

• EUR/JPY’s downside meets support in the mid-123.00s so far.
• Immediately to the upside emerges the 125.00 hurdle.

EUR/JPY’s corrective downside from Monday’s tops around 125.000 the figure meets decent contention around the 100-day SMA in the 123.50 zone.

If sellers keep pushing south, then the monthly lows in the 123.00 neighbourhood could come under pressure ahead of September’s low at 122.37 (September 28).

In the meantime, the constructive stance in EUR/JPY is seen unchanged while above the 200-day SMA, today at1 121.10.

EUR/JPY daily chart