EUR/JPY Price Analysis: Correction likely ahead of further gains

EUR/JPY’s needle-like rally remains everything but abated on Tuesday.
There is now scope for a visit to the 2021 highs past 134.00 near term.

Pablo Piovano FXStreet

EUR/JPY extends the upside momentum and already surpasses the key barrier at 133.00 the figure on turnaround Tuesday.

The sharp move higher shows no signs of exhaustion so far, although the current overbought condition of the cross could trigger some consolidation or even a corrective move in the short-term horizon. Once digested one or the other, the cross should be able to resume the uptrend and attempt an assault to the YTD high at 134.12 recorded on June 1.

In the broader scenario, while above the 200-day SMA at 129.94, the outlook for the cross is expected to remain constructive.

EUR/JPY daily chart

EUR/JPY

Overview
Today last price	133.06
Today Daily Change	54
Today Daily Change %	0.24
Today daily open	132.74

Trends
Daily SMA20	129.98
Daily SMA50	129.65
Daily SMA100	130.46
Daily SMA200	129.95

Levels
Previous Daily High	132.79
Previous Daily Low	132.15
Previous Weekly High	132.78
Previous Weekly Low	129.71
Previous Monthly High	130.74
Previous Monthly Low	127.93
Daily Fibonacci 38.2%	132.54
Daily Fibonacci 61.8%	132.39
Daily Pivot Point S1	132.33
Daily Pivot Point S2	131.92
Daily Pivot Point S3	131.69
Daily Pivot Point R1	132.97
Daily Pivot Point R2	133.2
Daily Pivot Point R3	133.6

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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