EUR/JPY Price Analysis: Decent support emerges at 122.87

EUR/JPY is extending the weekly choppiness below 124.00.
The key support area around 122.90 holds the downside so far.

Pablo Piovano FXStreet

EUR/JPY is prolonging the erratic performance so far this week, always below the key barrier at 124.00 the figure and above the key support region around 122.90 (where sits the January tops.

Extra upside momentum remains well on the cards in spite of the ongoing corrective downside and is expected to target the 2020 peaks beyond the 124.00 mark in the short-term horizon. If, instead, sellers extend their momentum, then the leg lower could test the support line, today around 121.20.

As long as EURJPY trades above the 200-day SMA at 119.95, the bullish outlook is expected to remain unchanged.

EUR/JPY daily chart

EUR/JPY

Overview
Today last price	123.27
Today Daily Change	37
Today Daily Change %	0.11
Today daily open	123.13

Trends
Daily SMA20	122.17
Daily SMA50	121.1
Daily SMA100	119.29
Daily SMA200	119.98

Levels
Previous Daily High	123.99
Previous Daily Low	123.02
Previous Weekly High	124.29
Previous Weekly Low	122.2
Previous Monthly High	124.43
Previous Monthly Low	119.32
Daily Fibonacci 38.2%	123.39
Daily Fibonacci 61.8%	123.62
Daily Pivot Point S1	122.77
Daily Pivot Point S2	122.41
Daily Pivot Point S3	121.8
Daily Pivot Point R1	123.74
Daily Pivot Point R2	124.35
Daily Pivot Point R3	124.71

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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