EUR/JPY Technical Analysis: Odds for a visit to 2018 lows in the 124.60 region remains on the cards

• EUR/JPY has resumed the correction lower towards the 125.00 neighbourhood, and at the same time is keeping alive a probable re-test of the critical support around 124.60, or yearly lows.
• The downside pressure gathered speed after the cross breached on quite a sustainable fashion the key support at 129.00 the figure earlier in the month.
• However, the current oversold condition of the cross could open the door for a potential and temporary squeeze higher, which should meet initial resistance at the 10-day SMA at 127.17.

EUR/JPY daily chart

Daily high: 126.45

Daily low: 125.57

Support Levels

S1: 125.47

S2: 124.76

S3: 124.24

Resistance Levels

R1: 126.70

R2: 127.22

R3: 127.93