EUR/JPY Price Analysis: A drop to 128.80 gathers traction

EUR/JPY retreats further and retests the mid-129.00s on Thursday.
The continuation of the downside targets the 128.80 region.

Pablo Piovano FXStreet

EUR/JPY is down for the third consecutive session and extends the bearish move to the 129.50 zone on Thursday.

Price action in the cross now seems to favour extra decline in the short-term horizon, particularly after EUR/JPY remains unable to retest/surpass the YTD peaks in the 131.50/60 region (January 5). Against that, extra losses could retest the Fibo level (of the October-December drop) at 128.82.

While below the 200-day SMA, today at 130.53, the outlook for the cross is expected to remain negative.

EUR/JPY daily chart

EUR/JPY

Overview
Today last price	129.6
Today Daily Change	56
Today Daily Change %	-0.05
Today daily open	129.67

Trends
Daily SMA20	130.48
Daily SMA50	129.44
Daily SMA100	130.02
Daily SMA200	130.57

Levels
Previous Daily High	129.99
Previous Daily Low	129.39
Previous Weekly High	131.48
Previous Weekly Low	129.78
Previous Monthly High	131.04
Previous Monthly Low	127.38
Daily Fibonacci 38.2%	129.62
Daily Fibonacci 61.8%	129.76
Daily Pivot Point S1	129.38
Daily Pivot Point S2	129.09
Daily Pivot Point S3	128.78
Daily Pivot Point R1	129.97
Daily Pivot Point R2	130.28
Daily Pivot Point R3	130.56

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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