EUR/JPY Price Analysis: A correction lower looks likely

EUR/JPY records new 2021 highs just past 134.00.
The next barrier on the upside emerges at 134.40/50.

Pablo Piovano FXStreet

EUR/JPY corrects lower after clinching fresh YTD highs in the area just above 134.00 the figure during early trade.

However, the selling momentum could gain further traction in the very near-term as the cross flirts with the overbought territory, as per the daily RSI (69.24).

If buyers regain the upper hand, then EUR/JPY could attempt a visit to the September/October 2017 highs in the 134.40/50 band. Further gains appear likely as long as the cross remains underpinned by the immediate support line (off the March lows) above 131.00. This area is also reinforced by the proximity of the 50-day SMA (131.14).

In the broader picture, while above the 200-day SMA at 127.06 the broader outlook for the cross should remain constructive.

EUR/JPY daily chart

EUR/JPY

Overview
Today last price	133.73
Today Daily Change	36
Today Daily Change %	-0.13
Today daily open	133.91

Trends
Daily SMA20	132.53
Daily SMA50	131.11
Daily SMA100	129.38
Daily SMA200	127.07

Levels
Previous Daily High	134.01
Previous Daily Low	133.61
Previous Weekly High	134.06
Previous Weekly Low	132.52
Previous Monthly High	132.37
Previous Monthly Low	129.57
Daily Fibonacci 38.2%	133.76
Daily Fibonacci 61.8%	133.86
Daily Pivot Point S1	133.68
Daily Pivot Point S2	133.45
Daily Pivot Point S3	133.28
Daily Pivot Point R1	134.08
Daily Pivot Point R2	134.24
Daily Pivot Point R3	134.47

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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