EUR/JPY Price Analysis: A deeper pullback could re-test 124.40

EUR/JPY keeps correcting lower following recent 2020 highs.
Immediately to the downside emerges the 124.40 region.

Pablo Piovano FXStreet

EUR/JPY seems to be consolidating in the mid-125.00s so far, coming under some selling pressure after last week’s new 2020 highs just above 127.00 the figure.

The current downside should be deemed as corrective only and carries the potential to re-visit the 124.40 zone (low August 21) ahead of the potential resumption of the bullish trend.

The constructive view around EUR/JPY is predicted to remain unchanged while above the 200-day SMA at 120.65.

EUR/JPY daily chart

EUR/JPY

Overview
Today last price	125.56
Today Daily Change	46
Today Daily Change %	-0.17
Today daily open	125.78

Trends
Daily SMA20	125.66
Daily SMA50	123.93
Daily SMA100	121.24
Daily SMA200	120.67

Levels
Previous Daily High	125.99
Previous Daily Low	125.3
Previous Weekly High	127.08
Previous Weekly Low	125.29
Previous Monthly High	126.85
Previous Monthly Low	123.99
Daily Fibonacci 38.2%	125.57
Daily Fibonacci 61.8%	125.73
Daily Pivot Point S1	125.39
Daily Pivot Point S2	125.01
Daily Pivot Point S3	124.71
Daily Pivot Point R1	126.08
Daily Pivot Point R2	126.37
Daily Pivot Point R3	126.76

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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