EUR/JPY Price Analysis: Corrective downside could reach the 200-day SMA

EUR/JPY keeps trading in the lower bound of the recent range.
A move to the 200-day SMA in the mid-119.00s stays on the cards.

Pablo Piovano FXStreet

EUR/JPY is navigating the area just above the 120.00 mark at the beginning of the week, looking to stabilize after the correctio lower from new YTD peaks beyond 124.00 the figure recorded earlier in the month.

If sellers manage to remain in control, then a potential move to the 200-day SMA in the mid-119.00s looks likely in the short-term horizon.

In the meantime, while above the 200-day SMA, the outlook on the cross is expected to remain positive.

EUR/JPY daily chart

EUR/JPY

Overview
Today last price	120.73
Today Daily Change	58
Today Daily Change %	-0.12
Today daily open	120.87

Trends
Daily SMA20	120.02
Daily SMA50	118.03
Daily SMA100	118.75
Daily SMA200	119.55

Levels
Previous Daily High	121.82
Previous Daily Low	120.26
Previous Weekly High	124.12
Previous Weekly Low	120.26
Previous Monthly High	119.9
Previous Monthly Low	114.43
Daily Fibonacci 38.2%	121.22
Daily Fibonacci 61.8%	120.85
Daily Pivot Point S1	120.15
Daily Pivot Point S2	119.42
Daily Pivot Point S3	118.59
Daily Pivot Point R1	121.71
Daily Pivot Point R2	122.54
Daily Pivot Point R3	123.27

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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