EUR/JPY Price Analysis: Bullish bias remains unchanged

EUR/JPY recorded new 2021 highs near 130.50 on Monday.
Correction looks likely on the back of overbought levels.

Pablo Piovano FXStreet

EUR/JPY advanced further north of the 130.00 mark and clinched new yearly tops in the 130.50 region earlier at the beginning of the week.

While the cross rapidly faded the move, bulls still remain in control. That said, extra gains appear likely with the next interim target at the 131.00 hurdle followed by the summer 2018 high at 131.98 (July 17).

Reinforcing the current positive stance, EUR/JPY keeps trading above the immediate support line (off November 19 2020 low) in the 127.40 area, also coincident with the 50-day SMA.

In the meantime, while above the 200-day SMA at 124.77 the broader outlook for the cross should remain constructive.

EUR/JPY daily chart

EUR/JPY

Overview
Today last price	130.16
Today Daily Change	46
Today Daily Change %	-0.17
Today daily open	130.38

Trends
Daily SMA20	128.7
Daily SMA50	127.34
Daily SMA100	126.07
Daily SMA200	124.8

Levels
Previous Daily High	130.4
Previous Daily Low	129.82
Previous Weekly High	130.4
Previous Weekly Low	128.78
Previous Monthly High	129.98
Previous Monthly Low	126.1
Daily Fibonacci 38.2%	130.17
Daily Fibonacci 61.8%	130.04
Daily Pivot Point S1	130
Daily Pivot Point S2	129.62
Daily Pivot Point S3	129.42
Daily Pivot Point R1	130.58
Daily Pivot Point R2	130.78
Daily Pivot Point R3	131.16

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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