EUR/JPY Price Analysis: Euro pushing against 123.15 support area

• EUR/JPY dips lower to test support at 123.15
• The pair has lost more than 1% on a seven-day decline.

The euro yen has accelerated the seven-day downtrend from November's peak, at 125.15, after breaching the previous three day’s trading bottom at 123.65 to reach fresh two-week lows at 123.00 area.=

With technical indicators pointing lower on the daily chart, the common currency is pushing against 123.15 support area (50% Fibonacci retracement of the June-September uptrend) which together with the 123.00 psychological level might provide some support.

A daily close below 123.00  might increase negative pressure on the pair, exposing 122.25 (November 5 and 6 lows) ahead of four-month low at 121.65 (October 30 low)

On the upside, the pair should return above the 100-day SMA, now at 124.00 to ease downward pressure and clear the path towards 124.50 (November 12, 16 highs) to aim for a retest of November 11 high at 125.15.

EUR/JPY daily chart

Technical levels to watch