• EUR/JPY extends Friday’s losses to refresh multi-day low under 123.00.
• Bearish MACD keeps the sellers hopeful, bulls need to cross Wednesday’s high for fresh entries.

EUR/JPY sellers attack 122.50, down 0.24% intraday, while heading into Monday’s European session. In doing so, the Euro cross tests 100-day SMA amid bearish MACD.

As a result, further weakness of EUR/JPY depends upon a daily close below the 100-day SMA level of 122.50, a break of which will aim for the early-July high near 122.00.

It should, however, be noted that the quote’s downside past-122.00 will be challenged 200-day SMA and 50% Fibonacci retracement of May-September upside, respectively around 120.90 and 120.75.

Meanwhile, the September 23 high of 123.20 offers immediate resistance to EUR/JPY traders.

Though, any further upside beyond 123.20 will be probed by the 124.40/45 region comprising multiple highs and lows marked since June.

EUR/JPY DAILY CHART

Trend: Bearish