EUR/JPY Price Analysis: Decent support emerged around 125.00

EUR/JPY manages to bounce off recent lows near 125.00.
Next on the upside appears the 2021 high in the mid-127.00s.

Pablo Piovano FXStreet

The resumption of the upside bias allows for extra gains in EUR/JPY the near-term with the next target at the YTD peaks in the 127.50 region. On the opposite side, if sellers regain control of the market, then a move below the 125.00 area should not be ruled out.

A breakdown of this region should expose the 100-day SMA at 124.75 ahead of the Fibo retracement (of the October-January rally) at 124.55.

Looking at the broader picture, while above the 200-day SMA at 122.76 the outlook for the cross should remain constructive.

EUR/JPY daily chart

EUR/JPY

Overview
Today last price	126.12
Today Daily Change	102
Today Daily Change %	0.73
Today daily open	125.2

Trends
Daily SMA20	126.4
Daily SMA50	125.61
Daily SMA100	124.79
Daily SMA200	122.84

Levels
Previous Daily High	125.49
Previous Daily Low	125.09
Previous Weekly High	127.11
Previous Weekly Low	125.41
Previous Monthly High	127.24
Previous Monthly Low	124.38
Daily Fibonacci 38.2%	125.24
Daily Fibonacci 61.8%	125.34
Daily Pivot Point S1	125.03
Daily Pivot Point S2	124.86
Daily Pivot Point S3	124.63
Daily Pivot Point R1	125.43
Daily Pivot Point R2	125.66
Daily Pivot Point R3	125.83

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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