EUR/JPY Price Analysis: Corrective downside could re-test 132.50

EUR/JPY eases further ground to the 133.30 region.
Next on the downside appears the 132.50 zone.

Pablo Piovano FXStreet

EUR/JPY drops to new multi-day lows in the 133.30 region at the end of the week.

If the selling pressure gathers extra steam, then the cross could attempt a deeper pullback to, initially, the weekly lows near 132.50 (May 24). Further south comes in the 131.50 region, where coincides the 50-day SMA and the short-term support line. A move to the latter, however, remains out of favour for the time being.

In the broader picture, while above the 200-day SMA at 127.23 the broader outlook for the cross should remain constructive.

EUR/JPY daily chart

EUR/JPY

Overview
Today last price	133.55
Today Daily Change	51
Today Daily Change %	-0.14
Today daily open	133.74

Trends
Daily SMA20	133
Daily SMA50	131.5
Daily SMA100	129.67
Daily SMA200	127.24

Levels
Previous Daily High	133.92
Previous Daily Low	133.63
Previous Weekly High	134.06
Previous Weekly Low	132.52
Previous Monthly High	134.06
Previous Monthly Low	130.98
Daily Fibonacci 38.2%	133.74
Daily Fibonacci 61.8%	133.81
Daily Pivot Point S1	133.61
Daily Pivot Point S2	133.47
Daily Pivot Point S3	133.32
Daily Pivot Point R1	133.9
Daily Pivot Point R2	134.05
Daily Pivot Point R3	134.19

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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