EUR/JPY Price Analysis: Decent contention aligns near 128.50

EUR/JPY reverses the recent advance and drops below 130.00.
The mid-128.00s should hold the initial test if the downside picks up pace.

Pablo Piovano FXStreet

After a failed attempt to break above the 130.30 area, EUR/JPY comes under selling pressure and slips back below the 130.00 mark on turnaround Tuesday.

Further rangebound appears in the pipeline, although extra weakness should not be ruled out, at least in the very near term. Against this, the cross risks another test of recent lows in the 128.50 region. This key area of contention is also reinforced by a Fibo level (128.54) and the 200-day SMA (128.50).

In the meantime, while above the 200-day SMA at 128.50, the outlook for EUR/JPY is expected to remain constructive.

EUR/JPY daily chart

EUR/JPY

Overview
Today last price	129.62
Today Daily Change	76
Today Daily Change %	-0.52
Today daily open	130.3

Trends
Daily SMA20	130.54
Daily SMA50	131.96
Daily SMA100	131.23
Daily SMA200	128.54

Levels
Previous Daily High	130.35
Previous Daily Low	129.68
Previous Weekly High	130.3
Previous Weekly Low	128.6
Previous Monthly High	134.13
Previous Monthly Low	130.04
Daily Fibonacci 38.2%	130.09
Daily Fibonacci 61.8%	129.93
Daily Pivot Point S1	129.87
Daily Pivot Point S2	129.43
Daily Pivot Point S3	129.19
Daily Pivot Point R1	130.54
Daily Pivot Point R2	130.78
Daily Pivot Point R3	131.21

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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