EUR/JPY Price Analysis: Corrective downside could extend to 130.00

EUR/JPY struggles for direction amidst a broader leg lower.
Next on the downside comes in the 130.00 neighbourhood.

Pablo Piovano FXStreet

EUR/JPY looks for direction amidst a negative start of the new month, meeting initial support around 131.00 for the time being.

The ongoing leg lower is seen as corrective only and carries the potential to extend to the 130.00 zone, where converge the 50-day SMA and the immediate support line (off the March’s low).

This area should hold the downside and prompt some reversion.

In the broader picture, while above the 200-day SMA at 126.37 the broader outlook for the cross should remain constructive.

EUR/JPY daily chart

EUR/JPY

Overview
Today last price	131.28
Today Daily Change	47
Today Daily Change %	-0.08
Today daily open	131.39

Trends
Daily SMA20	130.68
Daily SMA50	129.93
Daily SMA100	128.27
Daily SMA200	126.4

Levels
Previous Daily High	131.64
Previous Daily Low	131.15
Previous Weekly High	132.37
Previous Weekly Low	130.21
Previous Monthly High	132.37
Previous Monthly Low	129.57
Daily Fibonacci 38.2%	131.33
Daily Fibonacci 61.8%	131.45
Daily Pivot Point S1	131.15
Daily Pivot Point S2	130.9
Daily Pivot Point S3	130.65
Daily Pivot Point R1	131.64
Daily Pivot Point R2	131.89
Daily Pivot Point R3	132.14

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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