EUR/JPY Price Analysis: A test of the 200-day SMA is not ruled out

• EUR/JPY faces heightened volatility as markets wait for elections results.
• A move lower could extend to the 200-day SMA near 121.20.

EUR/JPY trades in an inconclusive fashion on Wednesday against the backdrop of increasing uncertainty regarding the US elections results.

If sellers regain the upper hand, then the door should be open to a move to the October’s low in the 121.60 region ahead of the key 200-day SMA, today at 121.16.

While above this area, EUR/JPY is expected to keep the positive bias unchanged.

EUR/JPY daily chart