EUR/JPY Price Analysis: Euro remains weak after being unable to hold above 128.00

EUR/JPY continues to move in ranges, with a bearish bias.
Dominant trend points to the downside, more losses seen under 127.50.
Gains below 129.00 should be seen as corrective.

Matías Salord FXStreet

The EUR/JPY is falling in the later stages of Tuesday after peaking. It has now given back all of Monday’s gains. The euro peaked near 128.50, and then pulled back. It was unable to remain above 128.00, showing that it continues to face pressure.

The main trend is bearish and EUR/JPY looks poised to test the lower bottom area. The key level to watch on the downside is 127.50. A daily close below should point to more losses, with an immediate target at 127.00, followed by 126.70.

Technical indicators are giving mixed signs, affected by the consolidation moves in a small range. RSI is turning south, but Momentum keeps a positive slope. Despite being unable to confirm levels above 128.00, so far the decline has been limited.

If the euro, breaks and posts a close above 128.00, it would gain momentum for a test of 128.50. A daily close above 130.00 should be a potential sign the euro has probably established an interim bottom.

EUR/JPY daily chart

EUR/JPY

Overview
Today last price	127.81
Today Daily Change	-0.23
Today Daily Change %	-0.18
Today daily open	128.04

Trends
Daily SMA20	129.13
Daily SMA50	130.38
Daily SMA100	129.95
Daily SMA200	130.57

Levels
Previous Daily High	128.09
Previous Daily Low	127.52
Previous Weekly High	128.79
Previous Weekly Low	127.38
Previous Monthly High	132.56
Previous Monthly Low	127.49
Daily Fibonacci 38.2%	127.87
Daily Fibonacci 61.8%	127.73
Daily Pivot Point S1	127.67
Daily Pivot Point S2	127.31
Daily Pivot Point S3	127.1
Daily Pivot Point R1	128.25
Daily Pivot Point R2	128.45
Daily Pivot Point R3	128.82

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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