EUR/JPY Price Analysis: A technical correction looks likely

EUR/JPY corrects lower following recent cycle highs.
Overbought conditions favour a deeper retracement near term.

Pablo Piovano FXStreet

EUR/JPY trades on the defensive after two consecutive daily advances and following fresh tops past the 137.00 mark (March 24).

The underlying upside momentum in the cross remains unchanged, although a technical correction appears overdue mainly due to the overbought condition of the cross. Against that, the former 2022 high at 133.15 (February 10) should emerge as the next contention area in the very near term at least,

In the meantime, while above the 200-day SMA at 130.06, the outlook for the cross is expected to remain constructive.

EUR/JPY daily chart

EUR/JPY

Overview
Today last price	135.64
Today Daily Change	180
Today Daily Change %	-0.45
Today daily open	136.25

Trends
Daily SMA20	130.45
Daily SMA50	130.22
Daily SMA100	129.84
Daily SMA200	130.09

Levels
Previous Daily High	137.32
Previous Daily Low	135.32
Previous Weekly High	134.75
Previous Weekly Low	131.38
Previous Monthly High	133.15
Previous Monthly Low	127.92
Daily Fibonacci 38.2%	136.55
Daily Fibonacci 61.8%	136.08
Daily Pivot Point S1	135.27
Daily Pivot Point S2	134.29
Daily Pivot Point S3	133.27
Daily Pivot Point R1	137.27
Daily Pivot Point R2	138.29
Daily Pivot Point R3	139.27

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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