EUR/JPY Price Analysis: Further downside looks likely

The bull run in EUR/JPY met strong resistance near 123.00.
The inability to regain recent tops could trigger some correction.

Pablo Piovano FXStreet

The upside momentum in EUR/JPY appears to have run out of steam in the vicinity of the key barrier at 123.00 the figure, sparking a sharp correction to the 122.00 neighbourhood.

The selling pressure could extend further and force the cross to initially recede to the 21-day SMA in the 121.70 region. Further south, the 200-day SMA around 120.90 should offer relevant contention. The renewed selling mood is reinforced by the divergence in the daily RSI.

While above the 200-day SMA at 120.91 the outlook on the cross is expected to remain constructive.

EUR/JPY daily chart

EUR/JPY

Overview
Today last price	122.15
Today Daily Change	23
Today Daily Change %	-0.03
Today daily open	122.19

Trends
Daily SMA20	121.75
Daily SMA50	121.07
Daily SMA100	120.14
Daily SMA200	120.9

Levels
Previous Daily High	122.84
Previous Daily Low	122.12
Previous Weekly High	122.88
Previous Weekly Low	121.76
Previous Monthly High	124.2
Previous Monthly Low	119.98
Daily Fibonacci 38.2%	122.4
Daily Fibonacci 61.8%	122.57
Daily Pivot Point S1	121.93
Daily Pivot Point S2	121.67
Daily Pivot Point S3	121.21
Daily Pivot Point R1	122.65
Daily Pivot Point R2	123.1
Daily Pivot Point R3	123.37

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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