EUR/JPY Price Analysis: Current decline seen as temporary

EUR/JPY adds to the weekly corrective pullback and pierces 149.00.
The resumption of the bullish bias should retarget 151.00.

Pablo Piovano FXStreet

EUR/JPY extends the drop for the third session in a row and briefly tests the area below the 149.00 yardstick on Wednesday.

Despite the ongoing retracement, further upside appears a plausible near-term scenario, and a convincing breakout of the round level at 151.00 could encourage the cross to confront the 2023 top at 151.61 (May 2) in the not-so-distant future.

So far, further upside looks favoured while the cross trades above the 200-day SMA, today at 143.82.

EUR/JPY daily chart

EUR/JPY

Overview
Today last price	149.44
Today Daily Change	125
Today Daily Change %	-0.41
Today daily open	150.06

Trends
Daily SMA20	148.92
Daily SMA50	146.97
Daily SMA100	144.57
Daily SMA200	143.8

Levels
Previous Daily High	150.63
Previous Daily Low	149.74
Previous Weekly High	150.94
Previous Weekly Low	148.84
Previous Monthly High	150.44
Previous Monthly Low	142.55
Daily Fibonacci 38.2%	150.08
Daily Fibonacci 61.8%	150.29
Daily Pivot Point S1	149.66
Daily Pivot Point S2	149.25
Daily Pivot Point S3	148.76
Daily Pivot Point R1	150.55
Daily Pivot Point R2	151.03
Daily Pivot Point R3	151.44

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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