EUR/JPY Price Analysis: Correction lower looks supported near 124.30

EUR/JPY eases from last week’s new 2020 tops near 126.80.
A deeper pullback is seen as corrective only and could test 124.30.

Pablo Piovano FXStreet

EUR/JPY is now seeing some selling mood after printing fresh 2020 highs around 126.70 in the second half of last week, levels last traded in April 2019.

Despite the ongoing correction, the move is seen as a “buy on dips”, as the upside bias remains well in place. That said, if the 126.80 region is cleared, then there are no relevant hurdles until the March 2019 high in the 127.50 zone. The pullback, instead, carries the potential to extend to the 124.30 region, area visited earlier in the month.

The constructive view around EUR/JPY is predicted to remain unchanged while above the 200-day SMA at 120.24.

EUR/JPY daily chart

EUR/JPY

Overview
Today last price	126.02
Today Daily Change	53
Today Daily Change %	-0.17
Today daily open	126.23

Trends
Daily SMA20	124.49
Daily SMA50	122.46
Daily SMA100	120.06
Daily SMA200	120.26

Levels
Previous Daily High	126.47
Previous Daily Low	125.74
Previous Weekly High	126.76
Previous Weekly Low	124.34
Previous Monthly High	125.21
Previous Monthly Low	120.26
Daily Fibonacci 38.2%	126.02
Daily Fibonacci 61.8%	126.19
Daily Pivot Point S1	125.82
Daily Pivot Point S2	125.42
Daily Pivot Point S3	125.1
Daily Pivot Point R1	126.56
Daily Pivot Point R2	126.88
Daily Pivot Point R3	127.29

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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