EUR/JPY Price Analysis: Euro testing trendline support at 120.65

EUR/JPY reversal from 122.11 extends to retest the trendline support from May lows, now ar 120.65
A clear break below that line might cancel the upside trend and increase negative pressure on the pair.

Guillermo Alcala FXStreet

The latest euro upside attempt, from 120.35, as remained capped below resistance area at 122.15/35, and the pair has pulled back again on Tuesday, to retest the upward trending support line from early May lows, now around 120.65.

A daily close below the mentioned trendline might cancel the overall upside trend, increasing negative pressure on the euro, and set the pair aiming to the 50% Fibonacci retracement of the May-June rally, at 119.45 before testing early May highs at 119.00.

On the upside, immediate resistance lies at 122.00 where the 23.6% retracement of the May – June rally has been capping the pair on Tuesday, with next potential resistance levels, at, 122.50/60 (Jun 9 high, Intra-day high) before June highs at 124.40.

EUR/JPY daily chart

EUR/JPY key levels to watch

EUR/JPY

Overview
Today last price	120.87
Today Daily Change	-0.73
Today Daily Change %	-0.60
Today daily open	121.6

Trends
Daily SMA20	120.24
Daily SMA50	118.11
Daily SMA100	118.77
Daily SMA200	119.57

Levels
Previous Daily High	121.64
Previous Daily Low	120.34
Previous Weekly High	124.12
Previous Weekly Low	120.26
Previous Monthly High	119.9
Previous Monthly Low	114.43
Daily Fibonacci 38.2%	121.14
Daily Fibonacci 61.8%	120.83
Daily Pivot Point S1	120.74
Daily Pivot Point S2	119.89
Daily Pivot Point S3	119.44
Daily Pivot Point R1	122.04
Daily Pivot Point R2	122.49
Daily Pivot Point R3	123.34

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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