EUR/JPY Price Analysis: Downside pressure mitigated above 132.70

EUR/JPY rebounds from lows near 129.50 on Monday.
The selling pressure is expected to alleviate beyond 132.70.

Pablo Piovano FXStreet

The downside momentum in EUR/JPY seems to have met initial contention in the 129.50 region last week. This support area coincides with the April lows.

The continuation of the recovery targets some minor hurdles at the 100-day SMA and the 20-day SMA near 131.10 and the so far July peaks around 132.40 (July 1). The latter is also reinforced by the proximity of the 50-day SMA (132.33).

The ongoing bearish stance is expected to lose traction once weekly highs around 132.70 (June 23) are cleared.

The outlook for the cross is seen as constructive while it trades above the 200-day SMA, today at 128.18.

EUR/JPY daily chart

EUR/JPY

Overview
Today last price	130.62
Today Daily Change	43
Today Daily Change %	-0.20
Today daily open	130.88

Trends
Daily SMA20	131.75
Daily SMA50	132.4
Daily SMA100	131.09
Daily SMA200	128.22

Levels
Previous Daily High	130.88
Previous Daily Low	129.93
Previous Weekly High	131.87
Previous Weekly Low	129.62
Previous Monthly High	134.13
Previous Monthly Low	130.04
Daily Fibonacci 38.2%	130.52
Daily Fibonacci 61.8%	130.29
Daily Pivot Point S1	130.24
Daily Pivot Point S2	129.61
Daily Pivot Point S3	129.29
Daily Pivot Point R1	131.2
Daily Pivot Point R2	131.51
Daily Pivot Point R3	132.15

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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