EUR/JPY Price Analysis: At a key support area around 119.50

EUR/JPY depreciates 3.5% over the last two weeks to reach lows at 119.50.
The confluence of the 200-day SMA and Fibonacci retracement level might offer support to the euro.

Guillermo Alcala FXStreet

The euro has traded lower against the Japanese yen for the second consecutive week, extending its reversal from 124.43 highs in early June to hit day lows at 119.48 right where the 200-day SMA meets the 50% Fibonacci retracement of the May-June rally. The euro might attempt to set a base here after a nearly 3.5% decline over the last two weeks.

On the downside, a clear break of the 119.48 level might lead the pair to seek support at 118.85 (May 29 low and the 200 SMA in 4-hour charts) before 118.50 (May 21 high).

Alternatively, a bullish attempt might find resistance at 120.30 (June 12 low) on the way to 121.23 (Jun 17 high) and 122.00 (Jun 16 high).

EUR/JPY daily chart

EUR/JPY key levels to watch

EUR/JPY

Overview
Today last price	119.62
Today Daily Change	-0.28
Today Daily Change %	-0.23
Today daily open	119.9

Trends
Daily SMA20	120.62
Daily SMA50	118.23
Daily SMA100	118.77
Daily SMA200	119.59

Levels
Previous Daily High	120.54
Previous Daily Low	119.59
Previous Weekly High	124.12
Previous Weekly Low	120.26
Previous Monthly High	119.9
Previous Monthly Low	114.43
Daily Fibonacci 38.2%	119.96
Daily Fibonacci 61.8%	120.18
Daily Pivot Point S1	119.48
Daily Pivot Point S2	119.06
Daily Pivot Point S3	118.53
Daily Pivot Point R1	120.43
Daily Pivot Point R2	120.96
Daily Pivot Point R3	121.38

Author

Guillermo Alcala

FXStreet

Graduated in Communication Sciences at the Universidad del Pais Vasco and Universiteit van Amsterdam, Guillermo has been working as financial news editor and copywriter in diverse Forex-related firms, like FXStreet and Kantox.

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