EUR/JPY Technical Analysis: Remains negative and targets weekly lows at 127.48

The cross is down for the second straight session on Thursday amidst increasing selling pressure around the European currency.
The continuation of the leg lower should initially meet weekly lows in the mid-127.00s ahead of the more relevant contention area around 126.60, Octoberâ€™s low.
In the meantime, the up move remains capped by yesterdayâ€™s top in the 129.20/25 band, while a tougher barrier lies in the 129.54/130.04 band, where coincide the 100-, 55- and 200-day SMAs.
Looking at the broader picture, the stance on EUR/JPY should remain negative as long as the resistance line at 129.67 caps.

EUR/JPY daily chart

EUR/JPY

Overview:
Â Â Â Â Last Price:Â 128.24
Â Â Â Â Daily change:Â -27Â pips
Â Â Â Â Daily change:Â -0.210%
Â Â Â Â Daily Open:Â 128.51
Trends:
Â Â Â Â Daily SMA20:Â 128.64
Â Â Â Â Daily SMA50:Â 129.85
Â Â Â Â Daily SMA100:Â 129.53
Â Â Â Â Daily SMA200:Â 130.11
Levels:
Â Â Â Â Daily High:Â 129.24
Â Â Â Â Daily Low:Â 128.13
Â Â Â Â Weekly High:Â 130.16
Â Â Â Â Weekly Low:Â 128.6
Â Â Â Â Monthly High:Â 132.49
Â Â Â Â Monthly Low:Â 126.63
Â Â Â Â Daily Fibonacci 38.2%:Â 128.82
Â Â Â Â Daily Fibonacci 61.8%:Â 128.56
Â Â Â Â Daily Pivot Point S1:Â 128.01
Â Â Â Â Daily Pivot Point S2:Â 127.52
Â Â Â Â Daily Pivot Point S3:Â 126.9
Â Â Â Â Daily Pivot Point R1:Â 129.13
Â Â Â Â Daily Pivot Point R2:Â 129.74
Â Â Â Â Daily Pivot Point R3:Â 130.24