EUR/JPY: 122.50 is the key on the downside - FXStreet

Valeria Bednarik, chief analyst at FXStreet explained that the EUR/JPY pair edged lower on Thursday, but remained confined to a limited intraday range as the EUR and the JPY moved in tandem against the greenback. 

Key Quotes:

"The pair fell to a fresh weekly low of 122.71, a handful of pips below the previous one, and trades around 123.00 by the end of the day, with short term picture favoring additional declines, as in the 1 hour chart, the price remained contained by a horizontal 100 SMA, currently around 123.35, whilst the technical indicators remain flat below their mid-lines."

"In the 4 hours chart, the 100 SMA accelerated its decline above the 200 SMA, both far away from the current level in the 125.00 region, whilst the technical indicators hold below their mid-lines. Past week low of 122.50 is the key, as it will take a downward acceleration below it to confirm a continued decline to fresh lows below the 122.00 figure."