EUR/JPY Price Analysis: A move below 130.00 is not ruled out

EUR/JPY’s rebound run out of steam near 131.60.
So far, the next support comes in at the 130.00 area.

Pablo Piovano FXStreet

EUR/JPY failed to push the upside momentum further north of the 131.60 zone on turnaround Tuesday.

The inability of the cross to resume the recovery in the very near term could prompt sellers to return to the market. That said, there is a minor support at the 100-day SMA near 130.50 ahead of the psychological 130.00 neighbourhood.

The loss of the latter could likely accelerate losses to the 129.60 area, or April lows.

In the broader picture, while above the 200-day SMA at 127.64 the broader outlook for the cross should remain constructive.

EUR/JPY daily chart

EUR/JPY

Overview
Today last price	131.26
Today Daily Change	36
Today Daily Change %	-0.09
Today daily open	131.38

Trends
Daily SMA20	133.08
Daily SMA50	132.15
Daily SMA100	130.47
Daily SMA200	127.66

Levels
Previous Daily High	131.5
Previous Daily Low	130.04
Previous Weekly High	133.68
Previous Weekly Low	130.61
Previous Monthly High	134.06
Previous Monthly Low	130.98
Daily Fibonacci 38.2%	130.94
Daily Fibonacci 61.8%	130.6
Daily Pivot Point S1	130.45
Daily Pivot Point S2	129.52
Daily Pivot Point S3	128.99
Daily Pivot Point R1	131.9
Daily Pivot Point R2	132.43
Daily Pivot Point R3	133.36

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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