EUR/JPY Price Analysis: Correction lower seen as temporary

EUR/JPY comes under pressure following new 2021 highs.
Interim support lines up at the 20-day SMA near 130.50.

Pablo Piovano FXStreet

EUR/JPY trades on the defensive after hitting new YTD peaks in the 132.35/40 band on Thursday.

Current price action suggests the rally remains healthy in the near-term. That said, the surpass of recent tops should open the door to the 133.00 round level initially and then followed by the September 2018 high at 133.13.

The immediate support line near 129.90 sustains the bullish momentum in the near-term. This area of interim contention is reinforced by the 50-day SMA at 129.75.

In the meantime, while above the 200-day SMA at 126.26 the broader outlook for the cross should remain constructive.

EUR/JPY daily chart

EUR/JPY

Overview
Today last price	131.63
Today Daily Change	74
Today Daily Change %	-0.30
Today daily open	132.03

Trends
Daily SMA20	130.49
Daily SMA50	129.71
Daily SMA100	128.11
Daily SMA200	126.28

Levels
Previous Daily High	132.37
Previous Daily Low	131.6
Previous Weekly High	130.97
Previous Weekly Low	129.59
Previous Monthly High	130.67
Previous Monthly Low	128.18
Daily Fibonacci 38.2%	132.07
Daily Fibonacci 61.8%	131.89
Daily Pivot Point S1	131.63
Daily Pivot Point S2	131.23
Daily Pivot Point S3	130.86
Daily Pivot Point R1	132.4
Daily Pivot Point R2	132.77
Daily Pivot Point R3	133.17

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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