EUR/JPY Price Analysis: Decent support now seen around 129.00

EUR/JPY manages to reverse the initial drop to sub-129.00 levels.
Further recovery is seen retargeting the YTD highs near 130.70.

Pablo Piovano FXStreet

EUR/JPY’s corrective downside appears to have met decent contention in the area below 129.00 the figure so far on Monday.

Despite the corrective downside, the positive bias in the cross remains well and sound for the time being. Against that, further upside still remains on the cards and the surpass of YTD highs near 130.70 should allow for extra gains with immediate target at the 131.00 hurdle followed by the summer 2018 high at 131.98 (July 17).

Reinforcing the current positive stance, EUR/JPY keeps trading above the immediate support line (off November 19 2020 low) in the 127.70 area, also coincident with the 50-day SMA. A breach of this zone is expected to mitigate the upside pressure.

In the meantime, while above the 200-day SMA at 124.97 the broader outlook for the cross should remain constructive.

EUR/JPY daily chart

EUR/JPY

Overview
Today last price	129.76
Today Daily Change	76
Today Daily Change %	0.14
Today daily open	129.58

Trends
Daily SMA20	129.23
Daily SMA50	127.65
Daily SMA100	126.43
Daily SMA200	125.01

Levels
Previous Daily High	130
Previous Daily Low	129.32
Previous Weekly High	130.67
Previous Weekly Low	129.32
Previous Monthly High	129.98
Previous Monthly Low	126.1
Daily Fibonacci 38.2%	129.58
Daily Fibonacci 61.8%	129.74
Daily Pivot Point S1	129.27
Daily Pivot Point S2	128.96
Daily Pivot Point S3	128.59
Daily Pivot Point R1	129.95
Daily Pivot Point R2	130.31
Daily Pivot Point R3	130.62

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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