EUR/JPY Price Analysis: Euro aiming towards 125.00 resistance area

EUR/JPY rally extends beyond 124.00 and approaches 125.00 resistance area.
Immediate support levels are 124.15 and the 50-day SMA at 123.60.

Guillermo Alcala FXStreet

The euro has extended its uptrend against the Japanese yen on Wednesday, breaking above the 100-day SMA, at 124.00, reaching two-week lows at 124.50 area.

Technical indicators on the daily chart allow for further euro rally, with the RSI still below overbought territory. On the upside, the next level of relevance is the 125.00 area, which stopped euro bulls on October 9 and 20 and November 9. Once above there, the pair might aim towards 126.10 (September 11 high) and 126.45 (September 10 high)

On the downside, immediate support lies at 124.15 (intra-day support) and below here, the 50-day SMA at 123.60 and 122.85 (November 19 low).

EUR/JPY daily chart

Technical levels to watch

EUR/JPY

Overview
Today last price	124.5
Today Daily Change	0.29
Today Daily Change %	0.23
Today daily open	124.21

Trends
Daily SMA20	123.22
Daily SMA50	123.58
Daily SMA100	124.05
Daily SMA200	121.47

Levels
Previous Daily High	124.35
Previous Daily Low	123.63
Previous Weekly High	124.44
Previous Weekly Low	122.85
Previous Monthly High	125.09
Previous Monthly Low	121.62
Daily Fibonacci 38.2%	124.07
Daily Fibonacci 61.8%	123.91
Daily Pivot Point S1	123.78
Daily Pivot Point S2	123.35
Daily Pivot Point S3	123.06
Daily Pivot Point R1	124.49
Daily Pivot Point R2	124.78
Daily Pivot Point R3	125.21

Author

Guillermo Alcala

FXStreet

Graduated in Communication Sciences at the Universidad del Pais Vasco and Universiteit van Amsterdam, Guillermo has been working as financial news editor and copywriter in diverse Forex-related firms, like FXStreet and Kantox.

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