EUR/JPY Price Analysis: Downside pressure alleviated above 124.00

EUR/JPY bounces off lows and tests the mid-123.00s.
The 100-day SMA around 124.00 emerges as the next target.

Pablo Piovano FXStreet

EUR/JPY rebounds from last week’s lows in the sub-123.00 area and manages to reclaim the 123.50 region on Monday.

In the meantime, while further pullbacks are not ruled out, a break above the 100-day SMA in the 124.00 neighbourhood should mitigate the selling pressure and allow for further upside to, initially, the monthly peaks just past 125.00 the figure.

Further losses are expected to accelerate if EUR/JPY breaks below last week’s lows in the 122.80 zone, exposing the key 200-day SMA, today at 121.40.

EUR/JPY daily chart

EUR/JPY

Overview
Today last price	123.43
Today Daily Change	51
Today Daily Change %	0.25
Today daily open	123.12

Trends
Daily SMA20	123.17
Daily SMA50	123.63
Daily SMA100	124
Daily SMA200	121.41

Levels
Previous Daily High	123.48
Previous Daily Low	123.01
Previous Weekly High	124.44
Previous Weekly Low	122.85
Previous Monthly High	125.09
Previous Monthly Low	121.62
Daily Fibonacci 38.2%	123.19
Daily Fibonacci 61.8%	123.3
Daily Pivot Point S1	122.92
Daily Pivot Point S2	122.73
Daily Pivot Point S3	122.45
Daily Pivot Point R1	123.39
Daily Pivot Point R2	123.67
Daily Pivot Point R3	123.87

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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