EUR/JPY Price Analysis: Bullish, still unable to run above 127.00

EUR/JPY is retreating after hitting on Tuesday at 127.22, the highest level since February 2019.
Outlook favors more gains for the euro that needs to hold above 127.00.

Matías Salord FXStreet

The EUR/JPY pair is pulling back from the highest levels since 2019 and after being unable to hold above 127.00. The correction found support at 126.45 and rebounded, rising above 126.90.

The technical outlook points to the upside. The euro needs to break and hold above 127.00 to clear the way to more gains, probably targeting the 2019 high at the 127.50 zone.

A retreat below 126.50 would ease the bullish pressure, while a close under 126.00 should be followed by a sharper correction with EUR/JPY under key short-term moving averages. The next strong support stands at 124.85/125.00, followed by an uptrend line from July, today at 122.80.

EUR/JPY daily chart

EUR/JPY

Overview
Today last price	126.94
Today Daily Change	0.05
Today Daily Change %	0.04
Today daily open	126.89

Trends
Daily SMA20	126.3
Daily SMA50	124.67
Daily SMA100	124.7
Daily SMA200	122.3

Levels
Previous Daily High	127.24
Previous Daily Low	126.7
Previous Weekly High	126.66
Previous Weekly Low	125.91
Previous Monthly High	125.14
Previous Monthly Low	121.7
Daily Fibonacci 38.2%	127.03
Daily Fibonacci 61.8%	126.91
Daily Pivot Point S1	126.65
Daily Pivot Point S2	126.41
Daily Pivot Point S3	126.12
Daily Pivot Point R1	127.19
Daily Pivot Point R2	127.48
Daily Pivot Point R3	127.72

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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