EUR/JPY Price Analysis: Correction could extend below 157.00

EUR/JPY adds to Thursday’s strong pullback and tests 157.30.
Immediately to the downside comes the weekly low near 156.80.

Pablo Piovano FXStreet

Further selling pressure forces EUR/JPY to add to Thursday’s losses and print multi-day lows near 157.30 on Friday.

In case the downward bias picks up extra pace, the cross risks an initial drop to the minor support at the weekly low of 156.86 (August 23), which appears so far propped up by the provisional 55-day SMA (156.90).

So far, the longer term positive outlook for the cross appears favoured while above the 200-day SMA, today at 147.98

EUR/JPY daily chart

EUR/JPY

Overview
Today last price	157.48
Today Daily Change	64
Today Daily Change %	-0.21
Today daily open	157.81

Trends
Daily SMA20	158.21
Daily SMA50	157.05
Daily SMA100	153.36
Daily SMA200	147.95

Levels
Previous Daily High	159.75
Previous Daily Low	157.62
Previous Weekly High	159.49
Previous Weekly Low	156.87
Previous Monthly High	159.76
Previous Monthly Low	155.53
Daily Fibonacci 38.2%	158.43
Daily Fibonacci 61.8%	158.93
Daily Pivot Point S1	157.03
Daily Pivot Point S2	156.26
Daily Pivot Point S3	154.9
Daily Pivot Point R1	159.16
Daily Pivot Point R2	160.52
Daily Pivot Point R3	161.3

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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