EUR/JPY Price Analysis: A drop to 124.00 stays in the pipeline

EUR/JPY comes under pressure and slips back below 125.00.
The weekly lows in the 124.00 area could be the next support of note.

Pablo Piovano FXStreet

EUR/JPY’s rally managed to hit fresh tops near 125.60 on Thursday. The move lacked follow through, however, encouraging the ongoing correction lower to sub-125.00 levels.

In spite of the knee-jerk, extra gains remain well on the cards and underpinned by the generalized improvement in the risk complex. Against this, the next key hurdle emerges at the mid-127.00s, where sits the March 2019 high.

If sellers remain in control in the short-term, then EUR/JPY risks a drop to lows around the 124.00 mark (August 3).

EUR/JPY weekly chart

EUR/JPY

Overview
Today last price	124.85
Today Daily Change	60
Today Daily Change %	-0.41
Today daily open	125.36

Trends
Daily SMA20	123.41
Daily SMA50	122.02
Daily SMA100	119.74
Daily SMA200	120.11

Levels
Previous Daily High	125.59
Previous Daily Low	124.66
Previous Weekly High	125.21
Previous Weekly Low	123.02
Previous Monthly High	125.21
Previous Monthly Low	120.26
Daily Fibonacci 38.2%	125.24
Daily Fibonacci 61.8%	125.02
Daily Pivot Point S1	124.82
Daily Pivot Point S2	124.28
Daily Pivot Point S3	123.89
Daily Pivot Point R1	125.75
Daily Pivot Point R2	126.13
Daily Pivot Point R3	126.68

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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