EUR/JPY Price Analysis: Corrective downside is overdue

EUR/JPY extends the rally beyond 134.00 the figure.
The next barrier on the upside emerges at 134.40/50.

Pablo Piovano FXStreet

EUR/JPY keeps pushing higher and surpasses the 134.00 level, clinching at the same time new 2021 highs.

The upside momentum remains well in place and EUR/JPY could now attempt a visit to the September/October 2017 highs in the 134.40/50 band. Further gains appear likely as long as the cross remains underpinned by the immediate support line (off the March lows) above 131.00. This area is also reinforced by the proximity of the 50-day SMA (131.25).

However, the cross continues to navigate the overbought territory as per the daily RSI (76.35), which is indicative that a corrective move stays in the pipeline in the not-so-distant future.

In the broader picture, while above the 200-day SMA at 127.11 the broader outlook for the cross should remain constructive.

EUR/JPY daily chart

EUR/JPY

Overview
Today last price	134.07
Today Daily Change	36
Today Daily Change %	0.06
Today daily open	133.99

Trends
Daily SMA20	132.65
Daily SMA50	131.19
Daily SMA100	129.45
Daily SMA200	127.12

Levels
Previous Daily High	134.06
Previous Daily Low	133.66
Previous Weekly High	134.06
Previous Weekly Low	132.52
Previous Monthly High	134.06
Previous Monthly Low	130.98
Daily Fibonacci 38.2%	133.91
Daily Fibonacci 61.8%	133.81
Daily Pivot Point S1	133.75
Daily Pivot Point S2	133.51
Daily Pivot Point S3	133.36
Daily Pivot Point R1	134.15
Daily Pivot Point R2	134.3
Daily Pivot Point R3	134.54

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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