EUR/JPY Price Analysis: A move to 123.00 is not ruled out

EUR/JPY extends the choppy activity below 124.00.
Immediately to the downside aligns monthly lows around 123.00.

Pablo Piovano FXStreet

The stance on EUR/JPY remains neutral/bearish so far this week and flirts with the 100-day in the mid-123.00s on Tuesday.

Further consolidations appears likely amidst a broad-based cautious stance in the global markets, although a loss of the lower bound of the range in the 123.50 zone could lead to another visit to the monthly lows in the 123.00 neighbourhood in the short-term horizon.

Looking at the broader scenario, while above the 200-day SMA at1 121.12, the outlook on the cross is expected to remain constructive.

EUR/JPY daily chart

EUR/JPY

Overview
Today last price	123.7
Today Daily Change	49
Today Daily Change %	-0.09
Today daily open	123.81

Trends
Daily SMA20	124.08
Daily SMA50	124.56
Daily SMA100	123.54
Daily SMA200	121.15

Levels
Previous Daily High	124.21
Previous Daily Low	123.78
Previous Weekly High	125
Previous Weekly Low	123.33
Previous Monthly High	127.08
Previous Monthly Low	122.38
Daily Fibonacci 38.2%	123.94
Daily Fibonacci 61.8%	124.04
Daily Pivot Point S1	123.66
Daily Pivot Point S2	123.5
Daily Pivot Point S3	123.22
Daily Pivot Point R1	124.09
Daily Pivot Point R2	124.37
Daily Pivot Point R3	124.52

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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